Saudi Non-Oil Exports Increase by 10.5% in Q2 2024: GASTAT

KSA, 23 August, 2024 :  Saudi Arabia’s non-oil exports grew by 10.5% in the second quarter of 2024 compared to the same period in 2023, as reported by the General Authority for Statistics (GASTAT). The “International Trade Publication” for Q2 2024 highlighted a 1.4% increase in national non-oil exports, excluding re-exports, while re-exports surged by 39.1%.

Overall, non-oil exports, including re-exports, rose by 4.3%. However, merchandise exports saw a slight 0.2% decline, largely due to a 3.3% drop in oil exports. Consequently, the share of oil exports in total exports fell to 75% from 77.4% in Q2 2023. Imports grew by 3%, leading to a 6% reduction in the merchandise trade balance surplus compared to the same period last year.

The report noted that the value of merchandise exports remained stable from Q1 2024, while imports decreased by 5.6%, resulting in a 13.2% increase in the trade surplus.

For June 2024, non-oil exports, including re-exports, rose by 7.3% year-on-year. Merchandise exports dropped by 5.8% due to a 9.3% decline in oil exports, while imports fell by 5.1%.

Source : www.saudigazette.com.sa