Riyadh September 25 2024: Saudi Arabia non-oil exports, including re-exports, recorded an increase of 19.0% compared to July 2023, while national non-oil exports, excluding re-exports, increased by 6.5%, according to data released by General Authority for Statistics.
Moreover, the value of re-exported goods increased by 78.4% during the same period. Meanwhile, merchandise exports increased by 2.0% in July 2024 compared to July 2023, despite a 3.1% decrease in oil exports. Consequently, the percentage of oil exports out of total exports decreased from 77.0% in July 2023 to 73.1% in July 2024 .
On the other hand, imports increased by 12.6% in July 2024, and surplus of the merchandise trade balance decreased by 25.4% compared to July 2023 .
In comparison to June 2024, the value of merchandise exports increased by 6.5%, the value of non-oil exports, including re-exports, increased by 13.0%, and the value of imports increased by 8.8%, while the deficit of the merchandise trade balance recorded a decrease of 1.8%.
Among the most important non-oil exports are “chemical products”. These products constituted 25.8% of the total non-oil exports, recording a 1.3% increase compared to July 2023. Following them are “plastics, rubber, and their products” which represented 25.6% of total non-oil exports, with a 6.5% increase compared to July 2023,
However, the most important imported goods were “machinery, electrical equipment and parts”, which constituted 26.5% of total imports, rising by 34.2% compared to July 2023. Followed by “transportation equipment and parts”, which represented 14.6% of total imports, with a 3.3% increase compared to July 2023.
In July 2024, merchandise exports to China amounted to 13.9% of total merchandise exports, making this country the main destination for the Kingdom’s merchandise exports. Followed next South Korea (10.3% of total merchandise exports) and Japan (9.9% of total merchandise exports), respectively. India, United Arab Emirates, U.S.A, Poland, Taiwan, Egypt, and Kingdom of Bahrain were the other countries that ranked in the top 10 destinations. The merchandise exports of the Kingdom to those 10 countries accounting for 68.1% of total merchandise exports (including re-exports).
Similarly, China held the first position for the Kingdom’s imports, constituting 25.4% of total imports in July 2024, followed next U.S.A (7.2% of total imports) and Germany (5.1% of total imports). United Arab Emirates, India, Italy, Japan, South Korea, Egypt, and France were among the top 10 countries from which imports were made, with the total value of imports from these ten countries accounting for 61.8% of total imports.
