Saudi Gazette report

RIYADH — Non-oil exports in Saudi Arabia recorded an increase of 19 percent reaching SR25.4 billion in July this year, compared to SR21.3 billion in the same month in 2023. Non-oil exports, excluding re-exports rose 6.5 percent, while the value of re-exported goods rose 78.4 percent in the same month.

This was revealed in the Statistical Bulletin of International Trade for July 2024, released by the General Authority for Statistics (GASTAT) on Wednesday. The report showed that commodity exports rose by two percent to SR94.5 billion compared to SR92.6 billion in July 2023, despite a 3.1 percent decrease in oil exports, which amounted to SR69.1 billion last July compared to SR71.3 billion in the same month last year. The percentage of oil exports to total exports decreased from 77 percent in July 2023 to 73.1 percent last July.

The bulletin showed that imports increased by 12.6 percent in July to SR75.2 billion, and the surplus in the trade balance decreased by 25.4 percent compared to July 2023. The value of commodity exports increased by 6.5 percent in July compared to June 2024, and the value of non-oil exports jumped by 13 percent, while imports recorded an increase of 8.8 percent, whereas the trade balance declined 1.8 percent.

The bulletin indicated an increase in the ratio of non-oil exports to imports in July, reaching 33.7 percent compared to 31.9 percent in July 2023, as a result of the increase in non-oil exports by 19 percent compared to the increase in imports, which amounted to 12.6 percent during the same month.

Chemicals, and plastics, rubber and their products accounted for the largest share of non-oil exports, with 25.8 percent for the chemicals and 25.6 percent for other products. In contrast, machinery, electrical appliances and equipment accounted for the largest share of imports, with 26.5 percent, followed by transportation equipment, with 14.6 percent, the GASTAT bulletin pointed out.