Saudi merchandise exports surge by SR4.4 billion in March

Saudi Gazette report

RIYADH

— The value of Saudi Arabia’s merchandise exports has recorded a surge of SR4.4 billion, or 4.4%, in March compared to February 2023, the General Authority for Statistics (GASTAT) said in its International Trade Report for March 2023.

Compared to the previous year, merchandise exports witnessed a decrease of 25.3% this March to SR106.1 billion from SR142.0 billion in March 2022.

The decrease mainly comes as a result of the fall in oil exports by SR30.0 billion, or 26.5%, to SR83.1 billion, compared to SR113.1 billion in March 2022.

The percentage of oil exports has also recorded a drop from the total exports, from 79.6% in March 2022 to 78.3% in March 2023.

Non-oil exports (including re-exports) witnessed a decrease of 20.6% from March 2022 to SR23.0 billion, compared to SR28.9 billion in March 2022.

Non-oil exports (excluding re-exports) decreased 28.7%, while re-exports increased by 26.8% in the same period. The value of the non-oil exports (including re-exports) increased by SR1.5 billion, or 7.2%, compared to February 2023.

As for imports, GASTAT said it witnessed an increase in March 2023 of SR5.5 billion, or %9.8, as its value amounted to SR61.8 billion in March of the current year, compared to SR56.3 billion in the same month of the previous year.

Imports have also surged compared to February 2023 by SR4.9 billion or 8.5%, GASTAT said.

GASTAT indicated that the products of the chemical and allied industries are considered the most important non-oil export goods, which constituted 32.3% of the total non-oil exports, which decreased by SR2.9 billion, or 28.2% compared to March 2022.

This was followed by rubber and articles which constituted 22.5% of non-oil exports, which decreased by SR2.8 billion, or 35.5% from March 2022.

GASTAT also said that the most important imports included machinery and mechanical appliances and electrical equipment, which constituted 19.9% of total imports, followed by transport equipment and parts which constituted 17.6% of total merchandise imports.

GASTAT said that China is considered Saudi Arabia’s main merchandise trading partner. Saudi exports to China amounted to SR18.2 billion, or 17.1% of all Saudi exports, followed by Japan and India with a value of SR10.0 billion, or 9.5%, and SR9.2 billion, 8.7% of total exports, respectively.

South Korea, the UAE, the USA, Malaysia, Poland, Bahrain, and France were among the top 10 markets for Saudi goods. Saudi Arabia’s exports to those countries amounted to SR68.5 billion, which constituted 64.6% of the total exports.

The GASTAT report said Jeddah Islamic Sea Port is considered one of the most important ports through which goods at a value of SR16.4 billion crossed into Saudi Arabia, corresponding to 26.5% of the total, in March 2023.

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