Saudi Non-oil exports increase by 8.2% in May 2024

Saudi Non-oil exports, including re-exports, increased 8.2% compared to May 2023, while national non-oil exports, excluding re-exports, decreased by 2.1%. Moreover, the value of re-exported goods increased by 33.9% during the same period, according to data released by the General Authority for Statics.

Meanwhile, merchandise exports increased by 5.8% in May 2024 compared to May 2023 due to a 4.9% increase in oil exports. Consequently, the percentage of oil exports out of total exports decreased from 73.0% in May 2023 to 72.4% in May 2024.

On the other hand, imports increased by 2.6% in May 2024, and the surplus of the merchandise trade balance increased by 12.8% compared to May 2023.

In comparison to April 2024, the value of merchandise exports increased by 3.3%, the value of non-oil exports, including re-exports, increased by 26.9%, and the value of imports increased by 10.6%, while the surplus of the merchandise trade balance recorded a decrease of 8.8%.