Saudi Arabia’s merchandise exports rose 6.4% in Q4 2022: GASTAT
Saudi Arabia’s overall merchandise exports increased by 6.4 percent in the fourth quarter of 2022 to SR342.4 billion ($91.24 billion), compared to the same period in 2021, according to the latest data released by the General Authority for Statistics.
The GASTAT data suggested that this rise in overall merchandise exports was driven by a surge in oil exports, which rose by SR31.7 billion or 13.2 percent in the same period, compared to the fourth quarter of 2021.
According to the report, the share of oil exports in total exports increased to 79.2 percent in the fourth quarter of 2022 from 74.4 percent in the same period of the previous year.
However, compared to the third quarter of 2022, total merchandise exports decreased by SR57.9 billion or 14.5 percent in the fourth quarter.
Meanwhile, the Kingdom’s non-oil exports including re-exports in the fourth quarter decreased by 13.6 percent to SR71.1 billion, compared to the same period in 2021.
On the other hand, non-oil exports excluding re-exports also decreased by 8.9 percent in the fourth quarter.
Saudi Arabia’s non-oil exports were driven by chemical and allied industries which accounted for 38.2 percent of non-oil merchandise exports in the second quarter, the GASTAT report stated.
In the fourth quarter of 2022, the Kingdom’s merchandise imports grew to SR193 billion, registering a year-on-year increase of 29.9 percent. This is an increase of 5.6 percent compared to the third quarter of 2022.
The GASTAT report added that machinery and mechanical appliances were the most important imported merchandise goods in the fourth quarter, accounting for 20.6 percent of total merchandise imports.
In the fourth quarter, China remained the Kingdom’s major trading partner, with 17.3 percent of the total exports amounting to SR59.1 billion.
China was followed by Japan and India with total exports worth SR36.7 billion and SR32.8 billion respectively.
Other major trading partners of Saudi Arabia in the fourth quarter of 2022 were South Korea, the US, the UAE, Egypt, Malaysia, Poland, and Taiwan.
As for Saudi imports, China took the lead with imports amounting to SR42.1 billion in the fourth quarter, followed by the US and the UAE with SR18.7 billion and SR11.7 billion respectively.
Jeddah Islamic Sea Port was ranked first in the list of ports through which goods reached the Kingdom at a value of SR55.3 billion, corresponding to 28.7 percent of the total imports.