The Saudi General Authority for Statistics published its report for last February on Wednesday, on an annual basis, reported Ajel.SA. The report shows that non-oil exports, which include re-exports, increased by 4.4%, while national non-oil exports, excluding re-exports, decreased by 4.1%. The value of re-exported goods increased by 32.3% in the same period.
According to the report, petroleum and non-petroleum merchandise exports decreased by 2% last February, to reach 95.026 billion riyals, compared to about 96.97 billion riyals in February of 2023, as a result of a decrease in petroleum exports by 3.8% to 73.16 billion riyals. The percentage of petroleum exports of the total exports in February 2024 decreased to 77%, compared to 78.4% in the same month last year.
Regarding imports, the report stated that they “rose by 12.3% last February, while the surplus in the merchandise trade balance decreased by 21.8% in February 2024, on an annual basis.”
The most important imported goods were machinery, appliances, electrical equipment and their parts, which constitute 21.5% of total imports. They increased by 14.6% compared to February 2023. The transportation equipment and its parts, which constitute 11.5% of total imports, decreased by 12.7% compared to February 2023.
Business activity in Saudi Arabia’s non-oil private sector boomed at the end of the first quarter, according to the seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI).
Business activity in the sector increased significantly, hitting a six-month high, fueled by an increase in companies’ order books and new customers, the latest PMI survey data showed.
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