Wednesday, 29 May 2024

GASTAT: Saudi Oil exports declined by 26.5% in March

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The General Authority for Statistics revealed that commodity exports in March 2023 declined by 25.3% compared to March 2022, reaching 106.1 billion riyals in March 2023, down from 142.0 billion riyals in March 2022. This is due to the decrease in petroleum exports by 30 billion riyals, or by 26.5%, as its value amounted to 83.1 billion riyals, compared to 113.1 billion riyals in March 2022 AD. The percentage of petroleum exports out of the total exports decreased from 79.6% in March 2022 AD to 78.3% in March 2023 AD while the value of merchandise exports increased compared to February 2023 by 4.4 billion riyals, or by 4.4%.

Non-oil exports, including “re-exports”, decreased by 20.6% from March 2022, as they recorded 23 billion riyals compared to 28.9 billion riyals. Non-oil exports, “excluding re-exports”, decreased to 28.7%, while they increased the value of re-exports increased by 26.8% in the same period. Also, the value of non-oil exports, “including re-exports,” increased by 1.5 billion riyals, or by 7.2%, compared to February 2023.

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