Saudi private sector exports financed by banks hit 40.3 billion riyals during Q3

Private sector exports financed by commercial banks through documentary credits (paid and open) recorded a growth of 21.1% on an annual basis, bringing the total value of documentary credits provided to approximately 40.361 billion riyals in the third quarter of 2024, an increase of more than 7 billion riyals, compared to about 33,325 billion riyals during the same period in 2023.

According to documentary credits by importing countries, the Gulf Cooperation Council countries topped the highest in terms of value with 25,811 billion riyals, representing 64% of the total countries exporting to them, according to what was shown by the monthly statistical bulletin issued by the Saudi Central Bank for October 2024, then the Arab countries came in second with a value of 7.707 billion riyals, representing 19.1% of the total.

Private sector exports financed through documentary credits (paid and open) also achieved a quarterly growth of 35%, with an increase exceeding 10 billion riyals, compared to about 29.995 billion riyals during the second quarter of the same year. In terms of the nature of the exported products, exports of “other industrial products” constituted 79% of the total value of documentary credits, with an amount estimated at 31.890 billion riyals, then exports of “chemicals and plastics” with 19% of the total, with a value of 7.560 billion riyals, and finally exports of “agriculture and animal production” products with 2.3% of the total, with a value exceeding 911 million riyals.