Riyadh December 27 2023: Saudi Arabia oil exports decreased by 18.3% in October 2023, compared to October 2022, according to General Authority for Statistics.
Country overall merchandise exports decreased by 17.4% in October 2023, compared to October 2022. The value of exports amounted to SAR 104.3 billion in October 2023, down from SAR 126.2 billion in October 2022. This decrease originated mainly from oil exports, which fell by SAR 18.4 billion or 18.3% in the same period, decreasing to SAR 82.3 billion from SAR 100.7 billion in October 2022. The share of oil exports in total exports decreased from 79.7% in October 2022 to 78.9% in October 2023.
Compared to September 2023, total merchandise exports slightly increased by SAR 15 million or 0.01%. Non-oil exports (including re-exports) decreased by 13.9%, compared to October 2022, decreasing to SAR 22.0 billion from SAR 25.6 billion in October 2022.
Non-oil exports (excluding re-exports) decreased by 17.9% as re-exports also rose by 12.6% in the same period. Non-oil exports (including re-exports) increased compared to September 2023 by SAR 0.9 billion or 4.1%. Merchandise imports increased by 11.5% (SAR 7.6 billion) in October 2023. The value of imports amounted to SAR 73.9 billion in October 2023 compared to SAR 66.3 billion in October 2022. Imports also increased compared to September 2023 by SAR 11.0 billion or 17.5%.
