Non-oil exports fell 5.2% y-o-y in 1Q 2024, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Including re-exports — which increased in value by 31.5% y-o-y — total non-oil exports rose 3.3% last quarter.

The ratio of non-oil exports — including re-exports — to imports dropped to 34.7% in 1Q, down from 35.8% in 1Q 2023, as imports rose 6.4%.

A monthly snapshot: Merchandise exports in March, excluding re-exports, fell 6.3% y-o-y, while total exports dipped 0.8% y-o-y. The value of re-exported goods rose 17.6% y-o-y, according to another Gastat release (pdf).

What are re-exports? These are products that one country imports and re-sells to another country as-is, without providing added value or labor input in the process. This can happen for various reasons, including taking advantage of price differences between markets, fulfilling orders, or redistributing goods to other markets where there is demand.

China remains Saudi’s biggest trade partner: Saudi exports to China accounted for 15% of total exports in 1Q 2024, followed by South Korea at 9.8%, and India at 9.5%. Chinese products and services also accounted for the largest share of Saudi’s imports during the quarter (21%), followed by the United States (8%), the UAE (6.8%), and India.

Chemical products accounted for 25% of non-oil exports in 1Q 2024 — the most exported products last quarter — despite falling 18% y-o-y. Plastics came second, accounting for 23% of total non-oil exports.

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