Riyadh November 24 2024: Saudi Arabia merchandise exports decreased by 7.7 percent in Q3 2024 compared to Q3 2023, as a result of a 14.9 percent decrease in oil exports, according to data released by General Authority for Statistics.
Consequently, the percentage of oil exports out of total exports decreased from 77.3 percent in Q3 2023 to 71.3 percent in Q3 2024.
Meanwhile, non-oil exports, including re-exports, recorded an increase of 16.8 percent compared to Q3 2023, while national non-oil exports, excluding re-exports, increased by 7.6 percent. Moreover, the value of re-exported goods increased by 48.4 percent during the same period.
On the other hand, imports increased by 11.4 percent in Q3 2024, and surplus of the merchandise trade balance decreased by 43.4 percent compared to Q3 2023.
Ratio of non-oil exports (including re-exports) to imports increased to 36.6 percent in Q3 2024 from 34.9 percent in Q3 2023. This was due to a 16.8 percent increase in non-oil exports and a 11.4 percent increase in imports over that period.
Among the most important non-oil exports are “chemical products”, these products constituted 25.5 percent of the total non-oil exports, recording a 5.3 percent increase compared to Q3 2023. Followed by “plastics, rubber, and their products”, which represented 24.9 percent of total non-oil exports, with an 8.9 percent increase compared to Q3 2023.
However, the most important imported goods were “machinery, electrical equipment and parts”, which constituted 26.5 percent of total imports, rising by 30.8 percent compared to Q3 2023. Followed by “transportation equipment and parts”, which represented 15.0 percent of total imports, with a 9.0 percent increase compared to Q3 2023.
China is the main destination for the Kingdom’s exports, which amounted to 15.2 percent of total exports in Q3 2024. Followed next by Japan (9.3 percent of total exports) and South Korea (9.2 percent of total exports), respectively. India, United Arab Emirates, U.S.A, Poland, Egypt, , Kingdom of Bahrain, and Taiwan were the other countries that ranked in the top 10 destinations. Exports of the Kingdom to those 10 countries accounting for 66.4 percent of total exports.
Similarly, China held the first position for the Kingdom’s imports, constituting 24.8 percent of total imports in Q3 2024, followed next by U.S.A (8.1 perecent of total imports) and India (5.1 percent of total imports). Germany, United Arab Emirates, Italy, Japan, Egypt, South Korea and United Kingdom were among the top 10 countries from which imports were made, with the total value of imports from these ten countries accounting for 62.0 percent of total imports.
King Abdulaziz Sea Port in Dammam is one of the most important ports through which goods crossed into the Kingdom accounting for 29.9 percent of total imports in Q3 2024. Among the other major ports of entry for imports were Jeddah Islamic Sea Port 20.1 percent, King Khalid Int Airport in Riyadh 12.6 percent, King Abdulaziz Int. Airport 6.4 percent, and King Fahad Int Airport in Dammam 5.5 percent. Those five ports together accounted for 74.4 percent of the total merchandise imports of the Kingdom.
