Saudi non-oil exports increase to $27.11bln in April

Dubai: Saudi Arabia saw growth in April this year in its non-oil exports, including re-exports, which surged by 12.4 per cent to reach $27 billion (Dh99 billion) compared to the same period in 2023, according to the General Authority for Statistics (GASTAT).

GASTAT noted a more modest increase of 1.6 per cent in non-oil exports excluding re-exports. Re-exported goods saw a rise of 56.4 per cent in April 2024 compared to April 2023.

The report highlighted a shift in the ratio of non-oil exports, including re-exports, to imports, increasing to 37.1 per cent from 32.6 per cent in April 2023. This was driven by the 12.4 per cent increase in non-oil exports, while imports decreased by 1.3 per cent during the same period.

In terms of merchandise exports, there was a slight decrease of 1 per cent in April 2024, primarily due to a 4.2 per cent decline in petroleum exports. Petroleum's share of total exports decreased from 80.6 per cent in April 2023 to 78 per cent in April 2024.

Regarding imports, April 2024 saw a decrease of 1.3 per cent, amounting to $16 billion (Dh58.7 billion). The trade balance surplus decreased by 0.5 per cent compared to April 2023, reaching $10.9billion (Dh40 billion).

Compared to March 2024, the value of merchandise exports dropped by 1.7 per cent, with non-oil exports including re-exports declining by 6.3 per cent. Imports also decreased by 17.4 per cent, leading to a 36 per cent increase in the merchandise trade balance compared to March 2024.