����ֱ��

RIYADH: ����ֱ��’s non-oil exports jumped 17.8 percent in the second quarter of 2025, offsetting weaker oil sales and highlighting the Kingdom’s accelerating diversification drive, official data showed. 

The increase included a 46.2 percent rise in re-exports, while national non-oil exports excluding re-exports climbed 5.6 percent, according to the General Authority for Statistics.  

The data highlight the rising importance of non-oil activity in ����ֱ��’s economy, with Vision 2030 driving industrial expansion, logistics, and giga-projects that boost demand for technology and capital goods. 

In its latest report, GASTAT stated: “The ratio of non-oil exports (including re-exports) to imports increased to 37.3% in Q2 2025 from 35.8% in Q2 2024. This is attributed to the increase in non-oil exports compared to imports of 17.8% and 13.1% respectively, during the same period.” 

A mixed picture 

While non-oil exports strengthened, ����ֱ��’s overall trade performance showed mixed signals across the quarter and month. 

In the second quarter of 2025, a 15.8 percent drop in oil exports dragged total merchandise exports down by 7.3 percent year on year. Combined with a 13.1 percent rise in imports, this pushed the merchandise trade balance surplus down by 56.2 percent compared to the same period in 2024. Oil’s share of the Kingdom’s total exports slipped from 74.7 percent to 67.9 percent in the quarter, reflecting a gradual rebalancing of the export basket. 

By contrast, the monthly data for June showed a more positive trend. Non-oil exports surged by 22.1 percent, outpacing a modest 1.7 percent increase in imports. This drove the trade balance surplus higher by 10.6 percent year on year.  

Even with oil exports falling 2.5 percent, the non-oil momentum was enough to keep overall merchandise exports in positive territory, up 3.7 percent. Oil’s share of exports narrowed further, dropping from 74.7 percent in June 2024 to 70.2 percent in June 2025.  

Key drivers 

GASTAT’s analysis of export commodities revealed the engines of this non-oil growth. Chemical products remained the most significant category, constituting 23 percent of total non-oil exports and growing by 5.8 percent. 

The machinery, electrical equipment, and parts sector recorded the sharpest growth, rising 120.8 percent year on year and accounting for 21.7 percent of total non-oil exports. This growth points to rapid development in advanced manufacturing and technology-related industries within the Kingdom.  

The latest official data showed ����ֱ��’s Industrial Production Index increasing by 7.9 percent year on year in June, driven by a sharp rebound in manufacturing. 

Conversely, the same machinery and electrical equipment category was also the most imported goods, making up 28.9 percent of total imports and rising by 28.7 percent. 

This suggests the growth is being driven by both domestic production and increased demand for technology and capital goods, essential for ongoing giga-projects and industrial expansion.  

Transportation equipment and parts were the second most imported goods, rising by 12.1 percent. 

Trading partners  

China cemented its position as ����ֱ��’s primary trading partner. It was the top destination for the Kingdom’s exports, absorbing 14.2 percent of the total, and the leading source of imports, accounting for 27.4 percent of all goods entering ����ֱ��.  

The UAE was the second-largest export market at 10 percent, followed by India at 8.8 percent. The US was the second-largest source of imports, followed by the UAE.   

Trade with the top ten partners for both exports and imports accounted for approximately two-thirds of the Kingdom’s total trade flows.   

Logistically, the King Abdulaziz Sea Port in Dammam was the nation’s busiest gateway, handling 26.2 percent of all imports. It was followed by Jeddah Islamic Sea Port and King Khalid International Airport in Riyadh.    

Together, the top five ports of entry facilitated 78.4 percent of all merchandise imports, demonstrating the critical role of the Kingdom’s infrastructure in facilitating global trade.   

Earlier in May, a separate report released by GASTAT revealed that the Kingdom’s gross domestic product grew 2.7 percent year on year in the first quarter, driven by strong non-oil activity.      

Commenting on the GDP figures, ����ֱ��’s Minister of Economy and Planning, Faisal Al-Ibrahim, who also chairs GASTAT’s board, said at the time that the contribution of non-oil activities to the Kingdom’s economic output reached 53.2 percent — an increase of 5.7 percent from previous estimates.   

June upswing 

GASTAT’s product-level data for June showed stronger growth in some key sectors compared to the quarterly average. Machinery, electrical equipment, and parts, which accounted for 23.3 percent of non-oil exports, rose 168 percent year on year.   

Chemical products, which remained the largest category at 24.5 percent of non-oil exports, grew by 8.5 percent.   

On the import side in June, the top category remained machinery, electrical equipment, and parts, making 30.6 percent of imports, up 29.0 percent, while transportation equipment, and parts saw a decrease of 13.2 percent. 

China remained the top destination in June, receiving 15.5 percent of ����ֱ��’s total exports, while the UAE and India followed at 9.1 percent each. 

The top five customs ports for imports in June were led by King Abdulaziz Sea Port in Dammam and Jeddah Islamic Sea Port, which together handled nearly half of all goods entering the country. 

GASTAT noted that the data is compiled from records provided by the Zakat, Tax and Customs Authority and the Ministry of Energy, classified according to the international Harmonized System. 

RIYADH: Saudi lifestyle retailer Jamjoom Fashion Trading Co. plans to sell a 30 percent stake in an initial public offering on the Kingdom’s Nomu parallel market, according to a statement on the Saudi Exchange. 

The company will offer 2.38 million shares, with the price range to be announced on Sept. 1. The subscription period for qualified investors will run from Sept. 1 to 4, and the final offer price will be set on Sept. 9. The shares will be listed on Nomu after regulatory approvals are completed. 

The planned listing follows steady earnings growth, with the retailer reporting SR540.4 million in revenue for the nine months to June 2025, up 14.3 percent, and net profit rising 17.1 percent to SR94.3 million. 

The listing comes as ����ֱ�� continues to develop its financial markets under the Vision 2030 transformation plan, which aims to diversify the economy and attract greater foreign investment. 

“The launch of the IPO is a crucial step in our journey so far,” said Founder and Chairman Kamal Osman Jamjoom. 

“It gives investors an opportunity to participate in a customer-focused industry that is unlike any other in our region, and one that has the potential to grow thanks to supportive government policies, macroeconomic conditions, and demographic trends,” he added. 

He also said the listing would enhance Jamjoom Fashion’s profile, governance, and transparency, supporting its next phase of growth by accelerating brand creation and expanding into new markets. 

Jamjoom Fashion, fully owned by Kamal Osman Jamjoom Trading Co., operates 218 stores across six Gulf markets, anchored by its flagship Nayomi lingerie and beauty brand, which generates about 84 percent of revenue, and its menswear brand Mihyar, contributing around 16 percent. 

Vice Chairman and CEO Stephen Holbrook said the IPO will serve as a “catalyst” for the company’s next growth chapter, enabling brand portfolio expansion, digital-first innovation, and a larger store footprint. 

The offering is being advised by EFG Hermes KSA, with Al-Rajhi Capital, SNB Capital, and Riyad Capital acting as receiving agents. The shares will be available only to qualified investors as defined by the Capital Market Authority. 

According to the company’s intention-to-float filing, Jamjoom Fashion plans to expand its e-commerce platforms, scale its loyalty programs, and introduce new brands to cater to changing consumer preferences in the region. 

It also aims to deepen its footprint in the Gulf Cooperation Council, where strong macroeconomic fundamentals and supportive government policies are driving growth in retail and lifestyle sectors.