Saudi Arabia's Non-Oil Exports Rise by 19% in July Amid Trade Growth

KSA, 26 September, 2024 : Saudi Arabia's non-oil exports soared by 19% in July 2024, reaching SR25.4 billion, compared to SR21.3 billion in July 2023. Excluding re-exports, non-oil exports grew by 6.5%, while the value of re-exported goods surged by 78.4%, according to the General Authority for Statistics (GASTAT).

The Statistical Bulletin of International Trade revealed that overall commodity exports rose by 2% to SR94.5 billion, despite a 3.1% decline in oil exports, which totaled SR69.1 billion. Consequently, the share of oil exports in total exports decreased from 77% in July 2023 to 73.1% in July 2024.

Imports also saw a 12.6% increase, amounting to SR75.2 billion, leading to a 25.4% decrease in the trade balance surplus compared to July 2023. The ratio of non-oil exports to imports improved to 33.7% from 31.9%, fueled by the 19% rise in non-oil exports against a 12.6% increase in imports.

Chemicals and plastics made up the largest portions of non-oil exports, at 25.8% and 25.6% respectively, while machinery and electrical equipment accounted for the largest share of imports at 26.5%.

Source : www.saudigazette.com.sa