Countries around the world are witnessing significant growth in their non-oil exports, marking a transformative shift in global trade dynamics as economies aim to reduce dependence on oil revenue. Recent data from Saudi Arabia, China, and Iran highlights how nations are successfully bolstering their non-oil trade sectors.
According to the General Authority for Statistics (GASTAT), Saudi Arabia's non-oil exports grew by 18.1 percent year-on-year in December 2024, with re-exported goods rising by 23.4 percent. Total exports reached SR 277.9 billion ($74.1 billion), against imports of SR 233 billion ($62.1 billion), resulting in a trade volume of SR 510.9 billion ($136.2 billion) and a surplus of SR 44.9 billion ($12 billion). Despite these increases, merchandise exports fell by 2.8 percent and imports surged by 27.1 percent during the same period.
Within this strong performance, chemical industry products emerged as key drivers, accounting for 25.9 percent of total non-oil exports for the month. The data for the fourth quarter of 2024 also painted a positive picture, with non-oil exports (including re-exports) climbing by 17.3 percent compared to the same quarter of 2023. On the other hand, oil exports saw a decline, contributing to the shifting dynamics of Saudi Arabia's trade.
This trend of increasing non-oil exports is not unique to Saudi Arabia. China has reported remarkable achievements through its private enterprises, which saw foreign trade volume hit 24.33 trillion yuan ($3.4 trillion) in 2024. This marked an 8.8 percent rise from the previous year, as per data from the General Administration of Customs (GAC). Notably, private enterprises accounted for over half (55.5 percent) of China's total foreign trade value, with more than 609,000 businesses engaged in import and export transactions for the first time.
Highlighting their growing importance, these private enterprises also emerged as leading exporters of high-tech products, with their import and export rising by 12.6 percent year-on-year and their share of total high-tech trade climbing to 48.5 percent. This includes significant growth within high-end equipment sectors, such as ships and specialized manufacturing machinery.
Even consumer goods imports saw private entities surpassing 50 percent of total Chinese imports, indicating their deep integration with daily life. The governmental policies promoting growth have largely contributed to these impressive statistics, allowing for sustained growth across multiple months.
On regional stages, Kermanshah province of Iran reported a 17 percent increase in non-oil exports over the first ten months of its calendar year, driven by significant exports of tiles, ceramics, and agricultural products. The total value reached $2.853 billion, also showing substantial growth in terms of volume. On the national level, Iran's non-oil exports reached approximately $48 billion during the same timeframe, reinforced by strong market demand from top partners like China and Iraq.
The growing significance of non-oil exports for Iran is underlined by governmental efforts to revive the Supreme Council for the Development of Non-Oil Exports, which had been inactive for several years. With leaders encouraging reforms, the focus lies on enhancing trade policies and the overall export environment amid challenging international sanctions.
This global trend showcasing the growth of non-oil exports reflects broader shifts toward diversifying economies and sustainable trade practices. Each of these national successes signifies not only economic resilience but also innovative approaches to capturing new markets, ensuring their economic futures are less reliant on volatile oil markets.
While challenges remain—like regulatory hurdles and infrastructure constraints—the commitment shown by these nations to bolster non-oil exports demonstrates their foresight and adaptability. There is every indication the momentum observed will continue, leading to even greater achievements across these and potentially other regions.