Saudi Arabia's Trade With Arab League Nations Exceeds SAR 87 Billion In Fourth Quarter Of 2024

Saudi Arabia is making significant strides in the global economy, driven by its Vision 2030 initiative. The Kingdom's strategic location, bridging three continents, enhances its role as a crucial trade and investment centre. Progressive economic policies and infrastructure developments are further supporting this growth. The country's efforts to diversify its economy are showing positive results, with non-oil exports and strategic partnerships reaching unprecedented levels.

Trade between Saudi Arabia and Arab League nations, including the Gulf Cooperation Council (GCC), reached SAR87,768 billion in the fourth quarter of 2024. This figure represents 17.2% of Saudi Arabia's total global trade of SAR510,974 billion. The trade volume saw a 6.2% increase compared to Q4 2023, where it stood at SAR82,679 billion.

The General Authority for Statistics' quarterly International Trade Bulletin highlights a significant rise in Saudi Arabia's trade surplus with Arab League countries, including the GCC. In Q4 2024, the surplus grew to SAR30,461 billion from SAR22,185 billion in the same period of 2023. This marks a substantial annual growth rate of 37.3%.

Saudi Arabia exported goods worth SAR59,114 billion to Arab League countries during this period. Of these exports, SAR39,507 billion were directed towards GCC nations. This accounts for 14.2% of Saudi Arabia's total global exports of SAR277,932 billion.

The Kingdom imported goods valued at SAR28,653 billion from Arab League countries in Q4 2024. These imports constituted 12.3% of Saudi Arabia's total imports. Within this figure, imports from GCC countries amounted to SAR18,354 billion while those from other Arab League nations were SAR10,298 billion.

Saudi Arabia's overall global imports during this period were recorded at SAR233,042 billion. The United Arab Emirates was the leading destination for Saudi exports among Arab countries in Q4 2024.

Key Export Destinations

Exports to the UAE surpassed SAR23,512 billion during this quarter. Bahrain followed with exports amounting to SAR8,423 billion. Other notable destinations included Egypt with SAR8,353 billion in exports and Oman with SAR4,434 billion.

Jordan also featured prominently among export destinations with goods valued at SAR2,999 billion being shipped there from Saudi Arabia in Q4 2024.

The data underscores Saudi Arabia's growing economic influence within the region and beyond as it continues to expand its trade networks and strengthen ties with neighbouring countries under Vision 2030.

With inputs from SPA