Saudi non-oil exports surge 12.4% to $27.11bln in April

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RIYADH — Saudi Arabia’s non-oil exports, including re-exports, recorded a jump of 12.4 percent, reaching SR101.7 billion in April 2024, compared to the same month in 2023.

According to the latest figures released by the General Authority for Statistics (GASTAT) on Monday, there has also been an increase in non-oil exports excluding re-exports as well, but at a lower rate of 1.6 percent, while the value of re-exported goods jumped to 56.4 percent in April compared to the same month in 2023.

The report pointed out that there was an increase in the ratio of non-oil exports, including re-exports, to imports in April 2024, reaching 37.1 percent compared to 32.6 percent in April 2023, as a result of an increase in non-oil exports by 12.4 percent, bringing the decrease in imports to 1.3 percent during this period.

The GASTAT said in its international trade report that merchandise exports decreased by one percent in April, as a result of a decline in petroleum exports by 4.2 percent, while the percentage of petroleum exports out of total exports decreased from 80.6 percent in April 2023 to 78 percent in the same month of 2024.

With regard to imports, the authority report showed a decrease in the month of April 2024 by 1.3 percent, recording SR60.3 billion and a decrease in the trade balance surplus by 0.5 percent compared to the month of April 2023, recording SR41.1 billion.

Compared to March 2024, the value of merchandise exports recorded a drop of 1.7 percent, while the value of non-oil exports including re-exports decreased by 6.3 percent. The report showed that the value of imports decreased by 17.4 percent, while the merchandise trade balance recorded an increase of 36 percent compared to March 2024.