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The Kingdom’s non-oil exports rose 19.0% y-o-y in July, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports — excluding re-exports — were up 6.5% y-o-y, while re-exports grew 78.4% y-o-y. Imports saw an increase of 12.6% y-o-y during the month.
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Non-oil exports continued to outpace imports: The ratio of non-oil exports to imports rose 1.8% y-o-y to 33.7% in July, as the increase in non-oil exports outstripped the boost in imports over the period.
Monthly snapshot: Total merchandise exports increased 6.5% m-o-m from June, with non-oil exports, including re-exports, up 13.0% m-o-m. Meanwhile, imports increased by 8.8% on a monthly basis and the merchandise trade balance deficit narrowed by 1.8% during the same period.
Chemical products accounted for 25.8% of total non-oil exports in July, up 1.3% y-o-y. Plastics, rubber, and their derivatives followed, growing 6.5% y-o-y to make up 25.6% of non-oil exports.
China remains Saudi’s top trading partner: The Kingdom’s merchandise exports to China made up 13.9% of total exports in July 2024, followed by South Korea (10.3%) and Japan (9.9%). On the import side, China also led, contributing 25.4% of Saudi imports, trailed by the USA (7.2%) and Germany (5.1%).
Ports in focus: Dammam’s King Abdulaziz Port handled 30.3% of the Kingdom’s imports in July, followed by Jeddah Islamic Port (20.7%), and King Khalid International Airport in Riyadh (12.7%).
ON THE OIL SIDE-
Oil exports continue to decline: Oil’s share of total exports dropped 3.1% y-o-y to 73.1% in July.
