Saudi Non-Oil Exports Rise Sharply to $27.11 Billion in April

KSA, 25 June, 2024 :  Saudi Arabia's non-oil exports, including re-exports, saw a significant increase of 12.4% in April 2024, reaching SR101.7 billion compared to the same period last year.

According to the General Authority for Statistics (GASTAT), non-oil exports excluding re-exports also rose, though at a slower rate of 1.6%. Re-exported goods particularly showed a notable surge of 56.4% in April compared to April 2023.

The report highlighted an uptick in the ratio of non-oil exports, including re-exports, to imports, reaching 37.1% in April 2024 from 32.6% in April 2023. This was driven by a 12.4% increase in non-oil exports, while imports decreased by 1.3% during the same period.

GASTAT's international trade report noted a 1% decrease in merchandise exports in April, attributed to a 4.2% decline in petroleum exports. Petroleum exports also decreased as a proportion of total exports, from 80.6% in April 2023 to 78% in April 2024.

Imports in April 2024 decreased by 1.3%, amounting to SR60.3 billion, resulting in a 0.5% decrease in the trade balance surplus compared to April 2023, which stood at SR41.1 billion.

Compared to March 2024, merchandise exports decreased by 1.7%, and non-oil exports including re-exports fell by 6.3%. Imports saw a sharper decline of 17.4%, leading to a 36% increase in the merchandise trade balance compared to the previous month.

Source : www.zawya.com