Saudi Arabia’s non-oil exports, including re-exports increased by 3.3 percent in the first quarter (Q1) of 2024, reaching SAR69.8 billion ($18.6 billion) on an annual basis.
According to data from the Saudi Statistics Authority, national non-oil exports excluding re-exports declined by 5.2 percent, while the value of re-exported goods rose by 31.5 percent during the same period.
Commodity exports in Q1 2024 decreased by 5.7 percent compared to Q1 2023, as oil exports fell by 8.3 percent to SAR221.87 billion. The total value of commodity exports stood at SAR291.7 billion ($77.77 billion).
Read more: Saudi Arabia’s non-oil exports surge by 4.4 percent to $5.82 billion in February
At the import level, imports rose by 6.4 percent in Q1 2024 to reach SAR201.08 billion on an annual basis.
Given the commodity trade balance, the surplus fell by 24.8 percent to SAR90.62 billion in Q1 2024 compared to the same period in the previous year.
In March, merchandise exports declined by 5.9 percent to SAR100.7 billion, compared to SAR107.02 billion in March 2023. As a result, petroleum exports dropped by 7.3 percent to SAR77.46 billion.
Non-petroleum exports, including re-exports, fell by 0.8 percent in March to SAR23.28 billion.
Imports rose in March by 1 percent to SAR67.36 billion, compared to SAR66.69 billion in March 2023.
Due to the merchandise trade balance, the surplus fell by 17.2 percent to SAR33.38 billion in March, compared to around SAR40.33 billion in March 2023.
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