As Saudi Arabia advances its economic diversification plans, the country's non-oil exports are set to rise to a historic high of 515 billion riyals ($137.29 billion) in 2024.

The world's largest oil exporter is implementing its Vision 2030 initiative, a strategic plan aimed at reducing its dependence on hydrocarbons and expanding other sectors such as tourism, sports, and manufacturing.

According to the Saudi Press Agency (SPA), non-oil exports have increased by 13% compared to 2023 and have soared by more than 113% since the launch of Vision 2030.

Abdulrahman Althukair, CEO of the Saudi Export Development Authority, attributed this growth to "the Kingdom's ongoing efforts toward economic diversification," according to SPA.

Additionally, Saudi Arabia reported in its latest Vision 2030 annual review that it attracted 77.6 billion riyals ($20.69 billion) in foreign direct investment (FDI) in 2024.

As part of its efforts to transform the economy and build emerging industries, the government aims to attract $100 billion in foreign investment annually by 2030.

Re-exports have surged to 90 billion riyals, marking a 205% increase since 2016, with mobile phones accounting for a major share. Meanwhile, service exports also hit a record 207 billion riyals, growing 14% year-on-year, largely driven by the booming tourism sector.

In 2024, Saudi goods, re-exported goods, and services were imported by more than 180 countries, with record-high import volumes recorded in the United Arab Emirates, Bahrain, Iraq, and Spain.

Tourism accounted for 74% of total service exports, with international tourist arrivals projected to reach approximately 30 million in 2024. Saudi Arabia reported that tourism revenues have surged by 148% compared to 2019, leading G20 countries in tourism sector growth.

Transportation services accounted for 12% of service exports, reflecting a 5% year-on-year increase.

When seeking buyers and suppliers in Saudi Arabia, global trade data platforms like Tendata provide a powerful solution. Tendata helps importers quickly find the right suppliers from all over the world and provides insights into export volumes, price trends, and shipment history. By leveraging this data, buyers can make informed decisions and respond to changing market conditions with greater confidence. Below is an example of a list of Saudi Arabian buyers with export records over the past year provided by Tendata (HS 2710). You can also get further market analysis, price analysis, buyer background checks, and more on Tendata.

·TOTCOR TRADE FZE (27.52%, $149.12 Million)

·XXLIAXXE IXXERNXXIONXX LIXXTED (14.11%, $76.48 Million)

·BLACKFORD CORPORATION LIMITED (13.7%, $74.26 Million)

·TRIPLESTAR FUEL SERVICES LTD (8.06%, $43.69 Million)

·ECOMATRIX OIL AND COMMODITY FZE (6.55%, $35.49 Million)

·XXAMCXXTRAXXNG XXMPAXX (6.02%, $32.63 Million)

·PEGASUS HV TAS A S (3.6%, $19.49 Million)

·NEGOTIATED THROUGH KOTAK BANK (2.75%, $14.93 Million)

·SAUDI ARABIAN AIRLINES (2.7%, $14.65 Million)

·PHILIPPINE AIRLINES (1.85%, $10.02 Million)

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