Saudi Gazette report

RIYADH — Saudi Arabia’s non-oil exports recorded an increase of 10.5 percent during the second quarter of 2024 compared to the same period during the year 2023, according to a report of the General Authority for Statistics (GASTAT).

The International Trade Publication for the second quarter of 2024, released by GASTAT on Thursday, showed that the national non-oil exports, excluding re-exports, increased by 1.4 percent while the value of re-exported goods shot up by 39.1 percent.

The value of non-oil exports, including re-exports, rose by 4.3 percent. Merchandise exports decreased by 0.2 percent compared to Q2 2023, and the value of imports fell by 5.6 percent due to a 3.3 percent decrease in oil exports. The share of oil exports in total exports fell to 75 percent from 77.4 percent in Q2 2023.

Imports rose by 3 percent and the surplus of the merchandise trade balance decreased by 6 percent during the period compared to Q2 2023. The value of merchandise exports remained stable compared to Q1 2024. The value of imports decreased by 5.6 percent, and the surplus of the merchandise trade balance recorded an increase of 13.2 percent.

GASTAT also issued the International Trade Publication for June 2024, which shows that non-oil exports, including re-exports, increased by 7.3 percent compared to June 2023. Merchandise exports decreased by 5.8 percent compared to June 2023 due to a 9.3 percent decrease in oil exports, and merchandise imports decreased by 5.1 percent.