Saudi Gazette report

RIYADH — Saudi Arabia’s non-oil exports jumped 7.5 percent to SR27.5 billion ($7.3 billion), year-on-year in August 2024, compared to SR 25.6 billion in the same month last year.

According to the international trade data released by the General Authority for Statistics (GASTAT), non-oil national exports, excluding re-exports, increased by 3 percent, while re-exports increased by 18.9 percent during the same period.

The Kingdom's commodity exports recorded a decrease of 9.8 percent in August, reaching SR92.8 billion ($24.7 billion), compared to SR102.9 billion in August 2023, as a result of SR12 billion (15.5 percent) decline in oil exports. The value of oil exports in August amounted to SR65.3 billion ($17.3 billion), compared to SR77.3 billion in August 2023, as a result of the decline in the volume of the Kingdom's exports against the backdrop of the continued voluntary production cuts implemented by the OPEC+ alliance.

The share of oil exports in total exports fell from 75.1 percent in August 2023 to 70.3 percent in the same month of 2024. As for imports, they declined by 3.9 percent in August 2024 to reach SR64.8 billion ($17.2 billion), compared to SR67.4 billion in the same month last year.

The Saudi trade surplus recorded a decline of 21 percent in August on an annual basis, reaching about SR28 billion, but it improved compared to July.

China remains the main destination for the Kingdom’s commodity exports, accounting for 16 percent of total commodity exports in August, followed by South Korea at 9.6 percent and India at 9.5 percent.

Japan, the United Arab Emirates, the United States of America, Bahrain, Egypt, Poland and Malaysia were among the top 10 countries to which exports were made. China also ranked first in terms of the Kingdom’s imports, accounting for 22.2 percent in August.