by: Arab News RIYADH: Saudi Arabia’s non-oil exports increased by 16.6 percent to SR26.8 billion ($7.13 billion) in August 2022, compared to SR23 billion recorded during the same period last year, according to the latest data released by the General Authority for Statistics.
In its report, GASTAT noted that the Kingdom’s non-oil exports were driven by chemical and allied industries, accounting for 35.5 percent of non-oil merchandise exports in August. The report further pointed out that overall merchandise exports increased by 49.1 percent in August to SR133.7 billion, up from SR89.7 billion in August 2021.
The Kingdom’s merchandise imports increased by 20 percent in August to SR61 billion compared to SR50.8 billion in the same period last year. The report added that the most imported merchandise in August were machinery, mechanical appliances, and electrical equipment parts, which accounted for 19.6 percent of total merchandise imports.
As imports rose by a higher degree than non-oil exports year-on-year — 20 percent and 16.6 percent respectively — the ratio of non-oil exports to imports dropped by 1.3 percent in that period to reach 43.9 percent. China, the Kingdom’s primary merchandise trading partner, accounted for 17.6 percent of total exports in August with a value of SR23.5 billion.
The report added that Japan and India came in next with the former at 9.9 percent of Saudi Arabia’s total exports and the latter at 8.9 percent. Their exports totalled 13.2 billion and 11.9 billion respectively in August 2022. As for Saudi imports, China also took the lead with its imports amounting to 21.4 percent of the total during that period reaching SR12 billion.
The US followed with imports at SR4.6 billion, or 7.5 percent of Saudi imports, in August 2022. The UAE came in third with SR3.9 billion worth of imports accounting for 6.4 percent of the total, showed the report. Saudi Arabia’s top 10 exporting countries acquired 64.1 percent of exports, whereas its top 10 importing countries accounted for 61.5 percent.
Furthermore, Jeddah Islamic Sea Port let through 26.2 percent of the total, making it the Kingdom’s primary port for imports.