Saudi Arabia’s non-oil exports increased by 0.8% in January 2024, according to the International Trade Report for January 2024 published by General Authority for Statistics.
National non-oil exports, save for re-exports, decreased to 11.5% and the value of re-exports increased to 42.6% in the same period. Exports decreased in January 2024 by 10.3% compared to January 2023 due to a decrease in petroleum exports by 13.5%. The percentage of petroleum exports decreased to 74.8% in January 2024, down from 77.6% in January 2023.
Oil exports decreased as Saudi Arabia announced a cut in crude production after an agreement with OPEC+. It cut oil production by 500,000 barrels per day (bpd) in 2023 and then extended this cut until end of December 2024. Imports decreased by 1.4% in January 2024. The trade balance shows that the surplus decreased by 26.3% compared to January 2023.
Compared to December 2023, the value of merchandise exports decreased by 3.6%, and the value of non-oil exports, including re-exports, decreased by 9.7%. The value of imports increased by 10.5%. The merchandise trade balance surplus witnessed a decrease of 28.2% compared to December 2023.
The report reveals that 15% of overall Saudi exports went to China, making it main destination for Saudi exports. Following China came Korea and Japan.
GASTAT revealed that King Abdulaziz Sea Port in Dammam received 25.3 percent of the total imports, making it the exports’ main gateway for Saudi Arabia. Aiming to establish a more sustainable and less oil-dependent economy, KSA is focusing on diversifying the economy.
Hence, the non-oil sector in Saudi Arabia has achieved great progress in recent years. It resurrected sectors like trade, industry, infrastructure, tourism, technology, education, scientific research, sports and entertainment.
For a long time, travelling to Saudi Arabia only meant pilgrimage. However, the Kingdom has been revealing all its hidden gems to the world, proving that KSA has more than just the Kaaba.
Sports sector in KSA has been blessed with renowned athletes and opportunities to host different events like the Arab Games.
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