Saudi non-oil exports increase by 29.4% in Q1 2022, GaStat

Overall merchandise exports increased by 72.7% in Q1 2022 compared to Q1 2021. The value of exports amounted to SAR 359.3 billion in Q1 2022, up from SAR 208.0 billion in Q1 2021, according to a report by the General Authority for Statistics (GaStat).

This increase originated mainly from oil exports, which rose by SAR 133.6 billion or 90.3% in the same period.

The share of oil exports in total exports increased from 71.1% (Q1 2021) to 78.3% (Q1 2022). Compared to the previous quarter (Q4 2021), total merchandise exports increased by SAR 37.4 billion or 11.6%.

Non-oil exports (including re-exports) increased by 29.4% year-on-year in Q1 2022, rising to SAR 77.8 billion from SAR 60.1 billion in Q1 2021.

Non-oil exports decreased compared to the previous quarter (Q4 2021) by SAR 4.4 billion or 5.4%.

Merchandise imports increased by SAR 12.5% (17.4 billion) in Q1 2022. The value of imports amounted to SAR 156.8 billion in Q1 2022 compared to SAR 139.4 billion in Q1 2021. Imports also increased compared to the previous quarter (Q4 2021), by SAR 8.2 billion or 5.5%.

Ratio of non-oil exports to imports increases to 49.6% in Q1 2022

The ratio of non-oil exports to imports increased to 49.6% in Q1 2022 from 43.1% in Q1 2021 as a result of a higher increase in non-oil exports (29.4%) than in imports (12.5%) over that period.

Products of the Chemical or Allied Industries Most important non-oil export commodity in Q1 2022

The most important non-oil export goods were ‘Products of the Chemical or Allied Industries’ (34.2% of non-oil merchandise exports) increased by 62.9% (SAR 10.3 billion) and ‘Plastics and Rubber and Articles Thereof’ (30.2% of non-oil merchandise exports) increased by 17.4% (SAR 3.5 billion) from Q1 2021.

And the most important import goods were ‘Machinery and Mechanical Appliances; Electrical Equipment’ (20.5% of total merchandise imports), and ‘Vehicles and Associated Transport Equipment’ (14.5% of total merchandise imports).