8.2% Growth in Saudi Non-Oil Exports for May 2024

KSA, 27 July, 2024 : The General Authority for Statistics reported an 8.2% increase in non-oil exports (including re-exports) in May 2024 compared to May 2023, despite a 2.1% decrease in national non-oil exports (excluding re-exports). Re-exported goods saw a significant rise of 33.9% during the same period.

Commodity exports grew by 5.8% due to a 4.9% increase in oil exports, though the share of oil exports in total exports slightly decreased from 73% in May 2023 to 72.4% in May 2024.

Imports rose by 2.6%, and the trade balance surplus increased by 12.8% compared to May 2023. Compared to April 2024, commodity exports increased by 3.3%, non-oil exports (including re-exports) rose by 26.9%, imports grew by 10.6%, and the trade balance surplus decreased by 8.8%.

The ratio of non-oil exports (including re-exports) to imports in May 2024 climbed to 41.1% from 39% in May 2023. Chemical industry products, accounting for 23.8% of total non-oil exports, decreased by 6.2% compared to May 2023, while plastics and rubber products, representing 21.8%, decreased by 3.4%.

Source : www.zawya.com