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The Kingdom’s non-oil exports rose 2.1% y-o-y in May 2024, according to the latest data from the General Authority for Statistics (pdf). Total non-oil exports, including re-exports increased 8.2% in May compared to the same month last year. Meanwhile, import volumes increased 2.6%.
SOUND SMART- Re-exports 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 markets where there is demand.
Monthly snapshot: Merchandise exports were up by 3.3% m-o-m in May. Non-oil exports, including re-exports, rose 26.9% and the value of imports increased 10.6%. Meanwhile, the surplus of the merchandise trade balance declined 8.8%
Merchandise exports + imports: Merchandise exports were up 5.8% y-o-y in May on the back of a 4.9% increase in oil exports, according to figures by Gastat. Oil sales accounted for 72.4% of all exports in May, down from 73.0% in the same month last year. Meanwhile, imports rose 2.6% in May, and the surplus of the merchandise trade balance increased by 12.8% on an annual basis.
China remains our largest trade partner: Exports to China accounted for 15.2% of total exports in May, followed by South Korea at 9.8%, and India at 7.7%. Chinese products and services also accounted for the largest share of Saudi’s imports during the month (25%), followed by the US (9.3%) and UAE (6.5%).
Chemical products topped the list of our non-oil exports: Chemical products accounted for 24% of total non-oil exports in May despite shrinking by 6% y-o-y. Plastics, rubber, and their derivatives came in second to account for 22% of total exports during the period, down from 26.2% in April when it led non-oil exports. Annually, plastics saw a 3.4% y-o-y decline in volume.
Heavy machinery remained the largest component of Saudi-bound shipments: Machines and electrical equipment made up 27% of our total imports after reporting a 22% y-o-y growth in May. Transportation goods accounted for 13% of total imports despite a 16% y-o-y decline in volume.
