Sign in
The Kingdom’s non-oil exports rose 1.4% y-o-y in 2Q 2024, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports including re-exports were up 10.5% y-o-y, with exports increasing in value by 39.1% over the same period. Meanwhile, imports were up 3% y-o-y last quarter.
This marks a turnaround from 1Q: The Kingdom’s non-oil exports fell 5.2% in 1Q 2024. Total non-oil exports were up 3.3% during the period — including re-exports, which increased in value by 31.5%.
Non-oil exports grew faster than imports: The ratio of total non-oil exports to imports rose to 37.6% y-o-y in 2Q, up from 35% in the same quarter last year.
Monthly snapshot: National non-oil exports grew 0.5% y-o-y in June, while total non-oil exports were up 7.3% y-o-y on the back of a 31% increase in the value of re-exported goods, according to a monthly Gastat report (pdf).
Chemical products made up 25.6% of total non-oil exports, despite a 4.6% y-o-y downtick. This was followed by plastics, rubber, and their derivatives, accounting for 24.3% of total non-oil exports with a 6.7% y-o-y increase.
China remains our number one trade partner: Saudi exports to China accounted for 16.2% of total exports in 2Q, followed by South Korea at 9%, and Japan at 8.8%. Chinese products and services also accounted for the largest share of Saudi’s imports during the quarter (23.1%), followed by the USA (8.4%) and the UAE (6%).
ON THE OIL SIDE-
Oil exports’ share of total exports dipped to 75% last quarter, down from 77.4% in the same quarter last year.
Oil export revenues were at a three-year low in June: Sales from crude oil and refined product shipments were down 9% y-o-y to USD 17.7 bn in June, Bloomberg reported citing Gastat. This was attributed to a combination of the decline in oil prices, and the Kingdom’s decision to put a cap on production.
