‎“GASTAT”: Saudi Oil exports increased by 79.3% in February

The General Authority for Statistics (GASTAT), in the Kingdom’s International Trade Bulletin for the month of February 2023 AD, revealed a decline in commodity exports in February 2023 AD by 12.7% compared to February 2022 AD, as its value amounted to 101 billion riyals in February 2023 AD, down from 115.8 billion riyals in February 2022 AD; This is as a result of the decrease in petroleum exports by 10.6 billion riyals, or by 11.7%, as its value amounted to 80.20 billion riyals, compared to 90.8 billion riyals in February 2022.

The percentage of petroleum exports out of the total exports increased from 78.4% in February 2022 AD to 79.3% in February 2023 AD while the value of merchandise exports decreased compared to January 2023 by 4.7 billion riyals, or by 4.5%.

Non-oil exports “including re-exports” recorded a decrease of 16.4% from February 2022, as it recorded 20.9 billion riyals, compared to 25 billion riyals. Non-oil exports (excluding re-exports) decreased to 26.3%, while they increased the value of re-exports increased by 49.4% in the same period while the value of non-oil exports (including re-exports) decreased by 2.8 billion riyals, or by 11.9%, compared to January 2023.

In terms of imports, it increased in February 2023 by 15.2%, amounting to 7.5 billion riyals as its value amounted to 56.6 billion riyals in February 2023 AD, compared to 49 billion riyals in February 2022 AD, and the value of imports decreased compared to the previous month, January 2023, by 11 billion riyals, or by 16.3%.

“Products of the chemical industries and related matters” are among the most important non-oil export commodities, as they constituted 33.2% of the total non-oil exports. Total non-oil exports decreased by 35.9%, by 2.7 billion riyals in February 2022.

On the other hand, the most important imported commodities were “machinery, electrical appliances and equipment and their parts”, which constituted 20.8% of total imports, then “transportation equipment and their parts”, which constituted 16.3% of total imports.

The ratio of non-oil exports (including re-exports) to imports decreased in February 2023, reaching 37%, compared to 50.9% in February 2022. This is due to the decline in non-oil exports, which amounted to 16.4%, and the increase in imports, which amounted to 15.2%, during this period.

The value of the Kingdom’s exports to China amounted to 17.6 billion riyals, 17.4% of total exports in February 2023, making this country the main destination for exports, followed by Japan and India, with a value of 10.2 billion riyals, 10.1% of total exports, and 9.9 billion riyals, 9.7 % of total exports, respectively, and South Korea, the United States of America, the United Arab Emirates, France, Belgium, Egypt, and Singapore were among the top 10 countries to which exports were made, and the total of the Kingdom’s exports to those ten countries was 66.9 billion riyals, which represents 66.1% of total exports

The value of imports from China was 13.2 billion riyals, 23.4% of total imports in February 2023, which makes this country rank first in the Kingdom’s imports, followed by the United States of America and the United Arab Emirates, with a value of 5.1 billion riyals, 8.9% of total imports. And 3.8 billion riyals, 6.7% of total imports), respectively, and India, Germany, Japan, South Korea, Italy, Switzerland and Egypt were among the top 10 countries from which imports were made, and the total value of the Kingdom’s imports from These ten countries amounted to 36.4 billion riyals, which represents 64.4% of total imports.