Saudi Arabia’s non-oil exports saw a 12.4 percent annual increase in April 2024 while imports declined by 1.3 percent. National non-oil exports rose 1.6 percent while the value of re-exported goods increased by 56.4 percent during the same period.
The latest report from the General Authority for Statistics (GASTAT) also reveals that Saudi Arabia’s merchandise exports declined by 1 percent annually in April 2024. Therefore, the share of oil exports from total exports declined from 80.6 percent in April 2023 to 78 percent in April 2024.
Month-on-month, the value of merchandise exports decreased by 1.7 percent while the value of non-oil exports declined by 6.3 percent. In addition, the value of imports decreased by 17.4 percent, while the surplus of the merchandise trade balance recorded an increase of 36 percent.
China remains Saudi Arabia’s main trading partner
During April 2024, Saudi Arabia’s exports to China reached 16.6 percent of the Kingdom’s total exports. This makes China the main destination for Saudi Arabia’s exports. In second place came Japan with 9.2 percent of the total, then India with 8.1 percent. South Korea, the United Arab Emirates, the U.S., Poland, Bahrain, Malaysia and Singapore were among the top 10 countries for Saudi Arabia’s exports, accounting for 65.6 percent of total exports.
China also held the first place for Saudi Arabia’s imports, accounting for 22.4 percent of total imports in April. In second place came the United States with 8.3 percent of total imports then India with 6.6 percent of the total. The UAE, Germany, Switzerland, Italy, Japan, Vietnam, and Egypt were also among the top 10 countries for Saudi Arabia’s imports, accounting for 62.2 percent of the total.
Top 5 customs ports
The top 5 ports that received Saudi Arabia imports in April included:
- King Abdulaziz Sea Port in Dammam: 29.7 percent of total imports
- Jeddah Islamic Sea Port: 18.4 percent
- King Khalid Int Airport in Riyadh: 14.3 percent
- King Abdulaziz Int. Airport: 7.6 percent
- King Fahad Int Airport in Dammam: 5.9 percent
All five ports together accounted for 76 percent of the total merchandise imports of the Kingdom.
Read: Egypt’s exports to the U.S. rise by 34.5 percent in Q1 2024
Top non-oil exports
Among the top non-oil exports in Saudi Arabia are plastics, rubber, and their products, which constituted 26.2 percent of the total non-oil exports, recording a 20.5 percent increase compared to April 2023. Following closely came chemical products which represented 25.7 percent of total non-oil exports, recording a 13.8 percent decrease compared to April 2023.
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