The General Authority for Statistics (GASTAT) has released the International Trade Publication for the second quarter of 2024. According to the report, non-oil exports experienced a 10.5 percent increase compared to the same period in 2023. Domestic non-oil exports, excluding re-exports, rose by 1.4 percent, while the value of re-exported goods climbed by 39.1 percent.
The total value of non-oil exports, including re-exports, increased by 4.3 percent. Merchandise exports, however, saw a slight decline of 0.2 percent compared to the second quarter of 2023. Imports, on the other hand, fell by 5.6 percent due to a 3.3 percent decrease in oil exports. As a result, the share of oil exports in total exports decreased from 77.4 percent in the second quarter of 2023 to 75.0 percent.
#GASTAT Publishes International Trade Report for Q2 of 2024.
— الهيئة العامة للإØصاء (@Stats_Saudi) August 22, 2024
Imports grew by 3.0 percent, and the surplus of the merchandise trade balance experienced a 6.0 percent decrease compared to the same period last year. When compared to the first quarter of 2024, the value of merchandise exports remained stable, while the value of imports decreased by 5.6 percent. This led to a 13.2 percent increase in the surplus of the merchandise trade balance.
Additionally, GASTAT released the International Trade Publication for June 2024, which shows that non-oil exports, including re-exports, increased by 7.3 percent compared to June 2023. Merchandise exports decreased by 5.8 percent due to a 9.3 percent drop in oil exports, and merchandise imports declined by 5.1 percent.
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