Saudi Arabia’s experiences an increase in its non-oil exports

Dubai: Saudi Arabia's non-oil exports, including re-exports, experienced a 3.3 per cent year-on-year increase in Q1 of this year.

The latest report from the General Authority for Statistics indicated that re-exported goods rose by 31.5 per cent during this period, while national non-oil exports, excluding re-exports, fell by 5.2 per cent.

In March, merchandise exports saw a 4.9 per cent increase compared to the previous month but declined by 5.7 per cent in the first quarter of 2024 compared to the same period in 2023, largely due to an 8.3 percent drop in oil exports, according to official data.

Chemical products accounted for 25.1 per cent of total non-oil exports, marking an 18.3 per cent decrease compared to the first quarter of 2023.

Plastics, rubber, and their products made up 22.8 per cent of total non-oil exports, with a slight 0.6 per cent decrease.

Machinery, electrical equipment, and parts constituted 22.7 per cent of total imports, decreasing by 5.4 per cent compared to the first quarter of 2023.

Transportation equipment and parts followed, representing 13 per cent of total imports, with a significant 21.7 per cent decline.

In the first quarter of 2024, the proportion of oil exports out of total value decreased from 78.2 per cent to 76.1 per cent, whereas imports increased by 6.4 per cent.

Compared to the same period in 2023, merchandise exports and non-oil exports, including re-exports, decreased by 1.4 per cent and 0.2 per cent respectively, while imports saw a 0.3 per cent decline, leading to a 3.8 per cent decrease in the merchandise trade balance surplus.

March saw a 5.9 percent decline in merchandise exports, driven by a 7.3 percent decrease in oil exports, reducing the proportion of oil exports from 78.1 percent to 76.9 percent compared to March 2023. Conversely, imports increased by 1 percent, while the merchandise trade balance surplus decreased by 17.2 percent.

During this period, the ratio of non-oil exports, including re-exports, to imports fell to 34.7 percent from 35.8 percent the previous year, due to a significant 6.4 percent increase in imports compared to a 3.3 percent rise in non-oil exports.

China was the main destination for Saudi Arabia’s exports in the first quarter, accounting for 14.9 per cent of the total. South Korea and India followed, with 9.8 per cent and 9.5 per cent respectively. These and other top destinations accounted for 67.1 per cent of total exports.

King Abdulaziz Sea Port in Dammam was the major entry point for goods, handling 27.4 per cent of total imports. Other key ports included Jeddah Islamic Port with 18.8 per cent, King Khalid International Airport in Riyadh with 14.2 per cent, King Abdulaziz International Airport in Jeddah with 8.1 per cent, and King Fahad International Airport in Dammam with 6.1 per cent. Together, these five ports handled 74.6 per cent of the Kingdom’s total merchandise imports.

In March, chemical products were the leading non-oil exports, comprising 28.1 per cent of total non-oil exports, though they saw a 12.9 per cent decrease from March 2023. Machinery, electrical equipment, and parts were the primary imported goods, constituting 24.1 per cent of total imports, with a 21.4 per cent increase from March 2023.

King Abdulaziz Sea Port in Dammam continued to play a vital role as a primary entry point for goods, comprising 28.9 per cent of total imports. Other significant entry points included Jeddah Islamic Port, King Khalid International Airport in Riyadh, King Abdulaziz International Airport, and King Fahad International Airport in Dammam. Together, these five ports accounted for 76.3 per cent of the Kingdom’s total merchandise imports in March.