S. Arabia’s non-oil exports rise by 8.2% in May

Saudi Arabia’s non-oil exports, including re-exports, experienced an 8.2 per cent rise compared to the same month last year. However, national non-oil exports, excluding re-exports, saw a 2.1 per cent decline. The value of re-exported goods, on the other hand, surged by 33.9 per cent during this period.

Merchandise exports also saw an overall increase of 5.8 per cent in May 2024 compared to May 2023, driven by a 4.9 per cent uptick in oil exports. This led to a slight decrease in the proportion of oil exports out of total exports, which dropped from 73.0 per cent in May 2023 to 72.4 per cent in May 2024.

Imports grew by 2.6 per cent in May 2024, and the surplus of the merchandise trade balance increased by 12.8 per cent compared to May 2023.

Compared to April 2024, the value of merchandise exports rose by 3.3 per cent, non-oil exports including re-exports jumped by 26.9 per cent, and imports increased by 10.6 per cent. However, the surplus of the merchandise trade balance saw an 8.8 per cent decline.

Attribution: General Authority for Statistics (GASTAT) report