According to government data, Saudi Arabia’s oil exports dropped in May by SAR 43.5 billion, or 37.7 percent, to SAR 72 billion ($19.19 billion). Meanwhile, Saudi Arabia’s imports of goods surged by 20.9 percent, or SAR 11.7 billion, to reach SAR 67.7 billion.
Saudi Arabia’s commodity exports plummeted by 32.1 percent in May 2022, to SAR 97.1 billion, compared to SAR 143 billion in the same month the previous year. However, the merchandise trade balance recorded a surplus of SAR 29 billion in May 2023, as reported by the Saudi General Authority for Statistics on Tuesday, compared to SAR 87 billion in the corresponding month of 2022.
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Furthermore, in April 2023, Saudi Arabia’s merchandise exports declined by 25.2 percent, amounting to SAR 103 billion, compared to SAR 137.7 billion in April 2022.
As oil prices declined earlier this month, the Kingdom announced an extension of further cuts in oil production, in addition to the cuts agreed within the OPEC+ alliance. Additionally, the Kingdom raised prices for most of its products destined for customers in Asia in August for the second consecutive month.
Falling to the lowest level
Recent data published by the Joint Organizations Data Initiative (JODI) revealed that Saudi Arabia’s crude oil exports in May fell to their lowest levels in 19 months. Additionally, non-oil exports, excluding re-exports, dropped by 19.2 percent in May 2023 compared to the previous year. China remained Saudi Arabia’s largest export destination, receiving 17.4 percent of total exports, followed by India and Japan. China was also the largest supplier of goods to the kingdom, accounting for just over 23 percent of the kingdom’s total imports in May. The total value of the Kingdom’s merchandise imports increased 21 percent in May 2023, reaching SAR 67.7 billion.
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