Saudi Non-oil exports decreased by 19.8% during July

Non-oil exports decreased to 19.8% (excluding re-exports), and the value of re-exports decreased to 31.4% in July 2023, according to the monthly bulletin of the Saudi General Authority for Statistics. Non-oil exports, including re-exports, recorded 21.1 billion riyals, a decline of 22.1% in the same time, compared to 27.1 billion riyals in the same period last year

The ratio of non-oil exports, including re-exports to imports, decreased in July 2023, reaching 30.7% compared to 47.2% in the same period last year. This is due to a decrease in non-oil exports and an increase in imports, which amounted to 19.7%, an increase of 11.3 billion riyals. Their value reached 68.9 billion riyals in July 2023 compared to 57.6 billion riyals in July 2022. The value of imports also increased compared to the previous month. June 2023, by 4.3 billion riyals, or 6.7%

According to the report issued by the Statistics Authority, merchandise exports recorded a decline during the month of July 2023 by 34.9% compared to the same period last year, indicating that the value of exports in July 2023 amounted to 91.3 billion riyals, down from 140.1 billion riyals in July 2022. ; This is as a result of a decrease in petroleum exports by 42.9 billion riyals, by 37.9%, as their value reached 70.1 billion riyals, compared to 113.0 billion riyals in the same period in 2022.

At the level of export partner countries, the value of the Kingdom’s exports to China amounted to 15.7 billion, representing 17.2% of total exports in July 2023. Thus, it is considered the main destination for exports, followed by Japan and South Korea, with a value of 10.1 billion, 11% of total exports and 9.6 billion. By 10.5% of total exports, respectively, India, the United Arab Emirates, the United States of America, Egypt, Bahrain, Malaysia, and Poland were among the top 10 countries to which exports were made, and the total of the Kingdom’s exports to those ten countries amounted to 62.5 billion, which represents 68.4% of total exports.