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The Kingdom’s non-oil exports grew 1.6% y-o-y in April, according to the latest data from the General Authority for Statistics (pdf). Total non-oil exports, including re-exports — which rose in value by 56.4% y-o-y — climbed 12.4% in April compared to the same month last year. Meanwhile, import volumes fell 1.3% y-o-y during the period.
The ratio of non-oil exports — including re-exports — to imports clocked in at 37.1% in April 2024, up from 32.6% during the corresponding month a year earlier. This came on the back of the growth of total non-oil exports and a drop in imports during the period.
A monthly snapshot: Merchandise exports were down 1.0% in April y-o-y on the back of a 4.2% drop in oil exports, according to figures by Gastat. The decline in oil exports saw its percentage of total exports plunge to 78.0% from 80.6% a year earlier.
On a quarterly basis: Non-oil exports fell 5.2% y-o-y in 1Q 2024, according to earlier Gastat data (pdf). Including re-exports, total non-oil exports rose 3.3% last quarter. Meanwhile, the ratio of non-oil exports to imports dropped to 34.7% in 1Q, down from 35.8% in 1Q 2023, as imports recorded a 6.4% uptick.
SOUND SMART- Re-exports are products that one country imports and re-sells to another country as-is, without providing added value or labor input in the process. This can happen for various reasons, including taking advantage of price differences between markets, fulfilling orders, or redistributing goods to markets where there is demand.
China maintained its position as Saudi’s largest trade partner: Saudi exports to China accounted for 16.6% of total exports in April, followed by Japan at 9.2%, and India at 8%. Chinese products and services also accounted for the largest share of Saudi’s imports during the month (22.4%), followed by the US (8.3%) and India (6.6%).
Plastic topped the list of our non-oil exports: Plastics, rubber and their derivatives accounted for 26.2% of total non-oil exports in April after growing by 20.5% y-o-y. Chemical products came in second to account for 25.7% of total exports during the period despite a 13.8% y-o-y decline.
Heavy machinery accounted for the lion’s share of Saudi-bound shipments: Machines and electrical equipment made up 26.6% of our total imports after reporting a 32.4% y-o-y growth in April. Transportation goods accounted for 11.7% of total imports despite falling 24.5% y-o-y.
ALSO IN TRADE- The Kingdom accounted for 25% of Turkey’s imports from the GCC in April 2024 with Saudi exports valued at USD 201.6 mn, according to Turkish government data seen by Mubasher. However, this is down 33% y-o-y from USD 301 mn in the corresponding period last year. Saudi’s imports from Turkey were up 44% y-o-y to USD 297.6 mn.
