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Thursday, Feb 02, 2023

Saudi Arabia’s non-oil exports increase by 4.4% in October to $6.62bn: GASTAT

Saudi Arabia’s non-oil exports increase by 4.4% in October to $6.62bn: GASTAT

Saudi Arabia’s non-oil exports, including re-exports, increased by 4.4 percent to SR24.9 billion ($6.62 billion) in October 2022, compared to SR23.9 billion recorded in October 2021, according to the latest report released by the General Authority for Statistics. 
In its report, GASTAT noted that the Kingdom’s non-oil exports were driven by chemical and allied industries, accounting for 40.9 percent of non-oil merchandise exports in October.  

The report further pointed out that overall merchandise exports increased by 13.9 percent in October to SR120.7 billion, up from SR106 billion in October 2021. 

The Kingdom’s merchandise imports increased by 39.3 percent in October to SR63.9 billion compared to SR45.9 billion in the same period last year. 

The report added that the most imported merchandise in October were machinery, mechanical appliances, and electrical equipment parts, which accounted for 19.5 percent of total merchandise imports.

As imports rose by a higher degree than non-oil exports year-on-year — 39.3 percent and 4.4 percent respectively — the ratio of non-oil exports to imports dropped by 13.1 percent in that period to reach 39 percent.  

China, the Kingdom’s primary merchandise trading partner, accounted for 18.4 percent of total exports in October with a value of SR22.2 billion.  

The report added that South Korea and Japan came in next with both at 10.3 percent of Saudi Arabia’s total exports. Their exports totaled 12.4 billion in October 2022.  

As for Saudi imports, China also took the lead with its imports amounting to 20.6 percent of the total during that period reaching SR13.2 billion. 

The US followed with imports at SR6 billion, or 9.3 percent of Saudi imports, in October 2022. The UAE came in third with SR4 billion worth of imports accounting for 6.3 percent of the total, showed the report.  

Saudi Arabia’s top 10 exporting countries acquired 68.2 percent of exports, whereas its top 10 importing countries accounted for 62.7 percent.  

Furthermore, Jeddah Islamic Sea Port let through 29.2 percent of the total, making it the Kingdom’s primary port for imports. 
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