S. Arabia’s overall merchandise exports fall by 15.6% in Nov.

Saudi Arabia’s overall merchandise exports declined by 15.6 per cent in November 2023 to 95 billion Saudi riyals, from 112.6 billion riyals in the same month of 2022, according to a data released by General Authority for Statistics on Wednesday.

The recent data showed that the country’s non-oil exports decreased by 0.7 per cent to 22.6 billion riyals in November 2023, compared to 22.8 billion riyals in November 2022.

The Kingdom’s oil exports saw an annual decrease of 17.5 billion riyals, or 19.4 per cent in November 2023, compared to October 2023, when total merchandise exports decreased by 9.3 billion riyals, or 8.9 per cent.

The decline is attributed to Saudi Arabia’s decision to reduce crude output, in line with the resolution of the Organisation of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.