Saudi Arabia’s non-oil exports rises despite decline in petroleum exports
Date
6/24/2024 8:40:38 AM
(MENAFN) Recent data released by the General Authority for Statistics reveals contrasting trends in Saudi Arabia's export sector. In April, the kingdom witnessed a notable uptick of 12.4 percent in non-oil exports compared to the same period last year. Concurrently, however, petroleum exports experienced a decline of 4.2 percent, amounting to approximately 79.3 billion riyals (USD21.1 billion). This reduction in petroleum exports aligns with the agreed-upon oil production cuts within the framework of the OPEC+ alliance, impacting the overall export landscape.
The data further indicates that total merchandise exports in April recorded a marginal decrease of 1 percent year-on-year, reaching approximately 102 billion riyals. Similarly, imports also experienced a slight decline of 1.3 percent, amounting to around 60 billion riyals. These figures underscore the nuanced dynamics within Saudi Arabia's trade sector, reflecting both internal and external economic factors.
Despite the dip in certain export categories, Saudi Arabia maintained a healthy trade balance surplus. In April, the surplus decreased by 0.5 percent compared to the same month in the previous year, standing at approximately 42 billion riyals. However, there was a notable month-on-month increase of 36 percent compared to March, indicating some resilience and adaptability within the kingdom's trade dynamics amidst fluctuating global economic conditions.
Overall, while the decline in petroleum exports reflects the impact of international agreements on oil production, the growth in non-oil exports underscores Saudi Arabia's efforts to diversify its economy and reduce reliance on oil revenues. Moving forward, the kingdom aims to navigate these economic shifts while capitalizing on emerging opportunities to further bolster its trade sector and ensure sustainable economic growth.
MENAFN24062024000045015682ID1108365687
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.