The International Trade Overview for the fourth quarter of 2023, recently published by the General Bureau of Statistics of Saudi Arabia (GASTAT), revealed that Saudi Arabia’s overall commodity exports fell 14.4% compared to the case of 29.79 billion rials. This decline was largely influenced by a decrease in oil exports, with oil exports falling 17.8% compared to 22.68 billion rials. Although non-oil exports (including reexports) fell slightly compared to 1.2% to 7.11 billion rials, reexports achieved a significant growth of 42.1%.

In terms of imports, Saudi Arabia’s commodity imports grew by 2.8% to 2014 billion rials, showing the continued growth of Saudi domestic market demand.This growth is a positive signal for the Saudi economy, especially in the context of uncertain global economic environment.

In terms of international trade partners, China continues to retain its position as Saudi Arabia’s most important trading partner. Saudi Arabia’s exports to China reached 50.2 billion rials in the fourth quarter of 2023, representing 16.9% of Saudi Arabia’s total exports. Japan and India rank second and third with exports of 33.6 billion rials (11.3%) and 29.1 billion rials (9.8%) respectively. This data reflects Saudi Arabia’s close ties to Asian markets, as well as the importance of Asian markets for Saudi exports.

In import trade, China is also Saudi’s largest source, with Saudi’s imports to China reaching 44.3 billion rials, accounting for 22 percent of Saudi’s total imports.The United States and the UAE are followed by imports of 19.3 billion rials (9.6%) and 14.4 billion rials (7.1%), respectively.This figure highlights China’s important role in Saudi’s import market, as well as the dependence of the Saudi economy on diversified international supply chains.

Saudi Arabia’s trade outlook reflects the significant impact of global energy market volatility on its exports, especially oil exports.At the same time, a small drop in non-oil exports and growth in re-exports suggest that Saudi Arabia is striving to diversify its economy and export structure and reduce its dependence on a single resource.

The Saudi government and still need to look for new growth points and market opportunities in the face of international energy market challenges and global economic changes. At the same time, Saudi’s ongoing cooperation with major trading partners will play a key role inining its economic growth and international trade status. With the further implementation of Saudi’s Vision 2030 strategy, we look forward to Saudi’s ability to a more balanced and sustainable economic development model in the future.