Riyadh February 7 2024: Overall Saudi Arabia merchandise exports decreased by 15.6% in November 2023, compared to November 2022.
The value of exports amounted to SAR 95.0 billion in November 2023, down from SAR 112.6 billion in November 2022. This decrease originated mainly from oil exports, which fell by SAR 17.5 billion or 19.4% in the same period, decreasing to SAR 72.4 billion from SAR 89.8 billion in November 2022. The share of oil exports in total exports decreased from 79.8% in November 2022 to 76.2% in November 2023.
Compared to October 2023, total merchandise exports decreased by SAR 9.3 billion or 8.9%. Non-oil exports (including re-exports) decreased by 0.7%, compared to November 2022, decreasing to SAR 22.6 billion from SAR 22.8 billion in November 2022.
Non-oil exports (excluding re-exports) decreased by 5.5%, as re-exports also rose by 21.8% in the same period. Non-oil exports (including re-exports) increased compared to October 2023 by SAR 0.6 billion or 2.5%. Merchandise imports increased by 3.7% (SAR 2.4 billion) in November 2023.
The value of imports amounted to SAR 67.1 billion in November 2023 compared to SAR 64.8 billion in November 2022. Imports also decreased compared to October 2023 by SAR 6.8 billion or 9.1%.
In November 2023, exports to China amounted to SAR 16.1 billion (17.0% of total exports), making this country the main destination for exports of Saudi Arabia. Japan and India followed next with SAR 10.5 billion (11.0% of total exports) and SAR 10.3 billion (10.8% of total exports), respectively. South Korea, United Arab Emirates, Poland, U.S.A, Bahrain, Malaysia, and Singapore were the other countries that ranked in the top 10 destinations. Exports of Saudi Arabia to those 10 countries amounted to SAR 64.8 billion, accounting for 68.3% of total exports.
Imports from China amounted to SAR 16.7 billion (24.9% of total imports) in November 2023, making this country the main origin for imports of Saudi Arabia. U.S.A and United Arab Emirates followed next with imports of SAR 5.6 billion (8.4% of total imports) and SAR 4.6 billion (6.8% of total imports), respectively. India, Germany, Japan, Italy, United Kingdom, South Korea and Egypt were the other countries that ranked in the top 10 countries for imports. Imports of Saudi Arabia from those 10 countries amounted to SAR 43.0 billion, accounting for 64.0% of total imports.
