Tuesday, 29 November 2022

Saudi non-oil exports increase by 13.1% in Q3

Overall merchandise exports increased by 46.1% in Q3 2022 compared to Q3 2021. The value of exports amounted to SAR 399.7 billion in Q3 2022, up from SAR 273.6 billion in Q3 2021. This increase originated mainly from oil exports, which rose by SAR 117.1 billion or 57.3% in the
same period. The share of oil exports in total exports increased from 74.6% in Q3 2021 to 80.4% in Q3 2022. Compared to Q2 2022, total merchandise exports decreased by SAR 30.8 billion or 7.1%.
Non-oil exports (including re-exports) increased by 13.1% , rising to SAR 78.4 billion from SAR 69.4 billion in Q3 2021. Non-oil exports decreased compared to Q2 2022 by SAR 8.4 billion or 9.6%.
Merchandise imports increased by 25.1% (SAR 36.4 billion) in Q3 2022. The value of imports amounted to SAR 181.1 billion in Q3 2022 compared to SAR 144.8 billion in Q3 2021. Imports also increased compared to Q2 2022 by SAR 8.3 billion or 4.8%.

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Products of chemical and allied industries most important non-oil export merchandise
The most important non-oil export goods were “Products of the chemical and allied industries” (36.8% of non-oil merchandise exports), which increased by 35.1% SAR 7.5 billion, and “Plastics and articles thereof; rubber and articles thereof” (28.5% of non-oil merchandise exports) which decreased by 7.1% SAR 1.7 billion from Q3 2021.
The most important imported merchandise goods were “Machinery and mechanical appliances; electrical equipment; parts thereof” (18.7% of total merchandise imports), and “Transport equipment and parts thereof” (13.0% of total merchandise imports).
Ratio of non-oil exports to imports decreases to 43.3% The ratio of non-oil exports to imports decreased to 43.3% in Q3 2022 from 47.9% in Q3 2021, as a result of a higher increase in imports (25.1%) than in non-oil exports (13.1%) over that period.

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