Saudi Arabia’s non-oil exports, including re-exports, recorded an 8.2 percent annual increase to SAR29 billion ($7.73 billion) in May 2024 due to a 33.9 percent increase in the value of re-exports.
In its latest report, the General Authority for Statistics (GASTAT) reveals that merchandise exports rose 5.8 percent annually due to an increase of 4.9 percent in oil exports. Despite the rise in oil exports during May, their share of total exports decreased from 73 percent in May 2023 to 72.4 percent in May 2024.
On the other hand, Saudi Arabia’s imports increased by 2.6 percent in May 2024. Therefore, the surplus of the merchandise trade balance rose 12.8 percent annually.
Month-on-month, the value of merchandise exports rose 3.3 percent. Meanwhile, the value of Saudi Arabia’s non-oil exports, including re-exports, rose 26.9 percent, and the value of imports increased by 10.6 percent. However, the surplus of the merchandise trade balance recorded a decrease of 8.8 percent.
Non-oil exports’ share rises
GASTAT also reveals that the ratio of non-oil exports, including re-exports, to imports increased to 41.1 percent in May 2024 from 39 percent in May 2023. This was due to an 8.2 percent increase in Saudi Arabia’s non-oil exports and a 2.6 percent increase in imports over the same period.
Chemical products emerge as top non-oil export
Among the most important non-oil exports in Saudi Arabia were chemical products, constituting 23.8 percent of the total non-oil exports. Following closely came plastics, rubber, and their products at 21.8 percent.
Meanwhile, the most important imported goods were machinery, electrical equipment and parts, which constituted 26.7 percent of total imports followed by imports of transportation equipment and parts, which represented 12.9 percent of total imports.
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China remains Kingdom’s top trading partner
In May 2024, Saudi Arabia’s exports to China amounted to 15.2 percent of total exports, making the country the main destination for the Kingdom’s exports. Then came South Korea with a 9.8 percent share and India with a 7.7 percent share. The UAE, Japan, Bahrain, the United States, Poland, Taiwan and Malta were among the other countries that ranked in the top 10 destinations. Saudi Arabia’s exports to those top 10 destinations accounted for 66.8 percent of its total exports.
Similarly, China ranked first for the Kingdom’s imports, constituting 25 percent of total imports in May 2024, followed by the U.S. at 9.3 percent and the UAE at 6.5 percent of total imports. India, Germany, Egypt, Italy, Switzerland, Japan, and the United Kingdom were among the top 10 countries for Saudi Arabia’s imports. These 10 countries accounted for 66.3 percent of the Kingdom’s total imports.
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