Saudi exports in 2023.. increased or decreased?

The Kingdom's merchandise imports declined by 16.1 percent to 57.9 billion riyals ($15.4 billion) in April 2023, compared to 69 billion riyals in the previous month.

According to the latest data issued by the General Authority for Statistics, it increased by 1% in April 2023, compared to 57.3 million riyals in April 2022.

Total merchandise exports decreased

the report explain that the total merchandise exports decreased by 25.2 percent to 103 billion riyals in April 2023, compared to 137.7 billion riyals in the same month last year.

Oil exports fell

It decreased by 4.2 percent from 107.5 billion riyals in March 2023.

The decline was driven by oil exports, which fell 23.6 percent to 83.8 billion riyals in April 2023 from 109.7 billion riyals in the same month last year.

Earlier this month, data released by the Joint Organizations Data Initiative showed that the kingdom's crude oil exports fell to their lowest level in five months in April 2023.

 Non-oil exports

The General Authority for Statistics also reported that non-oil exports, including re-exports, decreased by 31.2 percent year-on-year to 19.2 billion Saudi riyals in April 2023.

Non-oil commodities

The most exported non-oil commodities included chemicals and related products, which accounted for 34.6 percent of foreign trade.

China remained Saudi Arabia's most active trading partner in April 2023, buying goods worth 18 billion Saudi riyals, or 17.5 percent of the kingdom's total exports.

Exports to Japan and South Korea

The value of exports to Japan and South Korea in April 2023 amounted to 11.2 billion riyals and 9.9 billion riyals, respectively.

According to the report, "India, the United States, the United Arab Emirates, Poland, Bahrain, Taiwan and Singapore were the other countries that ranked among the top ten destinations."

On the other hand, imports from China to the Kingdom amounted to 11.3 billion riyals, or 19.5 percent of total imports in April 2023.

The report added that imports from the US and India were worth SR5 billion and SR3.4 billion, respectively. 

The UAE, Germany, Japan, South Korea, Greece, Switzerland and Italy were the other countries that ranked in the top 10 for imports.

The Kingdom’s imports from these countries amounted to SR36.5 billion or 63 percent of the total imports. 

Meanwhile, Jeddah Islamic Port offloaded the maximum goods in April, amounting to SR17 billion or 29.3 percent of the total imports.