The General Authority for Statistics reported a 10.5% increase in non-oil exports in Q2 2024 compared to Q2 2023. National non-oil exports, excluding re-exports, rose by 1.4%, while the value of re-exported goods surged by 39.1%, as per the International Trade Bulletin for Q2 2024.
The bulletin’s results showed that the value of non-oil exports, including re-exports, increased by 4.3%, while merchandise exports decreased by 0.2% in the second quarter of 2024 compared to the second quarter of 2023. Additionally, the value of imports decreased by 5.6%, mainly due to a 3.3% decline in oil exports. The proportion of oil exports to total exports also dropped to 75.0% in the second quarter of 2024, compared to 77.4% in the same quarter of the previous year.
The results of the bulletin indicated that the Kingdom’s imports increased by 3.0% in the second quarter of 2024. Regarding the trade balance, the surplus decreased by 6.0% compared to the same quarter of the previous year. Compared to the previous quarter, the first quarter of 2024, the value of exports remained stable, while the value of imports decreased by 5.6%. Meanwhile, the trade balance surplus recorded a rise of 13.2% compared to the first quarter of 2024.
International Trade Bulletin
The International Trade Bulletin for June 2024 showed that non-oil exports (including re-exports) reached 21.6 billion riyals, up 7.3% from 20.1 billion riyals in June 2023. In contrast, oil exports dropped to 66.3 billion riyals from 73.2 billion riyals in June 2023, a decrease of 9.3%. This decline in oil exports was the main factor in the overall decrease in merchandise exports.
The value of merchandise exports in June 2024 decreased to 87.9 billion riyals from 93.3 billion riyals in June 2023, a drop of 5.4 billion riyals or 5.8%.
Meanwhile, merchandise imports to the Kingdom in June 2024 totaled 57.7 billion riyals, down 3.1 billion riyals (5.1%) from 60.8 billion riyals in June 2023.
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