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Wednesday, Feb 01, 2023

Saudi Non-oil Exports Grow by 13%

Saudi Non-oil Exports Grow by 13%

The Saudi General Authority for Statistics (GASTAT) revealed on Thursday that Saudi non-oil exports grew during the third quarter of 2022 by 13%, while they jumped by more than 30% in September.
The value of oil exports, last September, amounted to about 100 billion riyals ($26.6 billion), compared to 70 billion riyals for the same month last year, an increase of 30 billion riyals, or 43.4%.

According to the results of the bulletin, the value of non-oil exports, including re-exports during September, amounted to 24 billion riyals, compared to 25 billion riyals in September of 2021, a decrease of 3.4%, while the value of the Kingdom’s merchandise imports during last September amounted to 60 billion riyals, compared to 47 billion riyals for the same month last year, an increase of 26.9%.

On the other hand, non-oil merchandise exports increased during the third quarter of this year by 13.1%, while the value of merchandise exports to Saudi Arabia amounted to 400 billion riyals, compared to 274 billion riyals during the same period last year.

The value of oil exports, during the third quarter, amounted to 321 billion riyals, compared to 204 billion riyals, during the third quarter of 2021, an increase of 57.3%, while the value of non-oil exports (including re-exports) amounted to 78 billion riyals, compared to 69 billion riyals during the same period of 2021, registering an increase of 13.1%.

On the other hand, the value of the Kingdom’s merchandise imports during the third quarter of 2022 amounted to about 181 billion riyals ($48.2 billion) compared to 145 billion riyals in the same quarter last year.

Meanwhile, the Ministry of Investment signed a memorandum of understanding with Nestlé to invest 7 billion riyals ($1.8 billion) in Saudi Arabia over 10 years.

An initial 375 million riyals will be used to establish a new manufacturing site in the country, which is set to open in 2025.

The investment will fund the establishment of the company’s first regional center with a research and development program and its first local business incubator for SMEs and start-ups. It will also see the expansion of the Nestlé Center of Excellence, which provides “capability building and uplift programs for Saudi talent”.
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