Saudi non-oil exports increase by 10.5% in Q2 2024

Non-oil exports, including re-exports, recorded an increase of 10.5% compared to Q2 2023. Moreover, national non-oil exports, excluding re-exports, increased by 1.4%, and the value of re-exported goods increased by 39.1% during the same period.

Merchandise exports decreased by 0.2% in Q2 2024 compared to Q2 2023 due to a decrease in oil exports by 3.3%. Consequently, the percentage of oil exports out of total exports decreased from 77.4% in Q2 2023 to 75.0% in Q2 2024.

Meanwhile, imports rose by 3.0% in Q2 2024, and the surplus of the merchandise trade balance decreased by 6.0% compared to Q2 2023.

In comparison to Q1 2024, the value of merchandise exports was stable. Conversely, the value of non-oil exports, including re-exports, rose by 4.3%, the value of imports fell by 5.6%, and the surplus of the merchandise trade balance recorded an increase of 13.2%.