Saudi Arabia’s Non-Oil Exports Rise to 73 Billion Riyals in Q2

Saudi Arabia’s non-oil exports, including re-exports, increased by 10.5% in the second quarter of this year, reaching approximately 73.73 billion riyals, compared to about 66.74 billion riyals in Q2 2023, according to data from the Saudi General Authority for Statistics.

Excluding re-exports, non-oil exports rose by 1.4% to 51.4 billion riyals during Q2 2024, up from approximately 50.69 billion riyals in the same quarter of the previous year.

However, total merchandise exports declined by 0.2% year-on-year in Q2 2024, amounting to around 249.51 billion riyals.

This decline was attributed to a 3.3% drop in oil exports, which amounted to approximately 220.78 billion riyals in Q2 2024, compared to around 228.32 billion riyals in Q2 2023.

Imports rose by 3% year-on-year in Q2 2024, reaching approximately 196.14 billion riyals.

The trade balance surplus amounted to about 98.37 billion riyals in Q2 2024, compared to approximately 104.7 billion riyals in Q2 2023.

Data from the Saudi General Authority for Statistics on Thursday showed a 7.3% rise in non-oil exports, including re-exports, in June, reaching approximately 21.6 billion riyals, compared to June 2023. Non-oil exports, excluding re-exports, rose by 0.5%. The value of re-exported goods increased by 30.9% in June year-on-year.

Non-oil exports, excluding re-exports, amounted to about 15.7 billion riyals, and the value of re-exports was approximately 5.88 billion riyals in June.

Merchandise exports in June 2024 declined by 5.8% compared to June 2023, with a total value of around 87.91 billion riyals, compared to approximately 93.27 billion riyals in June 2023.

The decline in total exports was due to a 9.3% drop in oil exports, which amounted to around 66.31 billion riyals in June 2024, compared to approximately 73.15 billion riyals in June 2023.

Imports decreased by 5.1% in June year-on-year to approximately 57.72 billion riyals, compared to about 60.8 billion riyals in June 2023.

The trade balance surplus amounted to about 30.19 billion riyals in June, compared to approximately 32.47 billion riyals in June 2023, marking a 7% decline.