ALBAWABA – Saudi Arabia’s non-oil exports recorded the highest record in two years reaching $7.70 billion. This marks an increase of 8.2% compared to July 2023.
KSA General Authority for Statistics announced the peak on non-oil exports by 26.93% in May 2024 compared to April 2024, after the decline that lasted for almost 18 months.
The recent monthly report issued by the General Authority for Statistics showed that trade balance increased by 12.8% in May 2024 compared to May 2023. The report also recorded a decrease of 8% compared to April 2024 due to the increase in commodity imports in the country.
Commodity exports
KSA commodity exports increased by 3.3% in May 2024 compared to April 2024, as non-oil exports contributed with a 26.9% to the increase.
Saudi Arabia’s non-oil exports recorded the highest record in two years reaching $7.70 billion (Shutterstock)
Oil exports recorded a 4.9% increase reaching: SAR 75.9 billion in May 2024, compared 3.5% decrease per month. This change is determined by oil prices and the constant production volume which is estimated at less than 9 million barrels per day as OPEC+ countries started crude supplies voluntary reduction.
Analysts are expecting oil production to gradually increase starting next October 2024. It is worth noting that Saudi surplus on trade accounts was recorded at approximately 42 billion riyals with a decrease of 0.5% compared to the same month in 2023.
KSA imports reached SR70.24 billion in May 2024 marking an increase of 2.6% compared to last year. As the kingdom is always diversifying its economy, non-oil private sector and exports continue to be a key objective in shaping KSA’s economic situation.
