The Kingdom’s non-oil exports rose 7.5% y-o-y in August 2024, according to the latest data (pdf) from the General Authority for Statistics (Gastat). Non-oil exports — excluding re-exports — increased 3.0% y-o-y, while re-exports increased 18.9% during the same period. Imports fell by 3.9%, the data showed.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

ICYMI: The Kingdom’s non-oil exports rose 19.0% y-o-y in July, as oil exports continued to fall.

Non-oil exports continue to sprint ahead of imports: The ratio of non-oil exports to imports jumped 4.5 percentage points from the previous year to 42.5% in August on the back of a 7.5% rise in non-oil exports against declining imports (-3.9%).

Key exports and imports: Chemical product exports increased 9.3% y-o-y and made up 25.8% of total non-oil exports. These were followed by plastics, rubber, and derivatives which were up 1% and accounted for 23.9% of total non-oil exports. Machinery, electrical equipment, and parts were the largest import category, up 5.6% y-o-y and accounting for 26.2% of total imports. Transportation equipment and parts followed, falling 11.7% during the period and comprising 13.5% of imports.

China remained Saudi’s top export destination, accounting for 16.0% of merchandise exports, followed by South Korea (9.6%) and India (9.5%). Japan, the UAE, the USA, Bahrain, Egypt, Poland, and Malaysia were also among Saudi’s top-10 export partners, with merchandise exports to the 10 countries comprising 67.7% of total merchandise exports, including re-exports.

China is also our go-to for imports, contributing 22.2% of total imports in August, followed by the USA (9.6%) and India (6.2%). Germany, the UAE, Italy, Japan, Egypt, the United Kingdom, and South Korea followed in terms of import volumes, with imports from our top-10 import partners counting for 62.7% of total imports.

Ports of the month: Dammam’s King Abdulaziz Port handled 28.5% of imports in August 2024, followed by Jeddah Islamic Port (21.2%), and Riyadh’s King Khalid Int’l Airport (13.2%).

ON THE OIL SIDE-

Oil exports decline even further: Oil’s share of total exports dropped by 4.8 percentage points when compared to the previous year, and 2.8 percentage points m-o-m, to 70.3% in August 2024. Saudi’s revenue from oil exports declined 6% m-o-m to USD 17.4 bn in August 2024, hittings its lowest since June 2021, with the decline coming on the back of sluggish demand from China, falling oil prices, and increased competition from non-Opec+ producers led by the US, Bloomberg said.

Tags: