{"id":88986,"date":"2024-08-25T00:00:00","date_gmt":"2024-08-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/25\/saudi-arabias-non-oil-exports-inched-up-in-2q\/"},"modified":"2024-08-25T00:00:00","modified_gmt":"2024-08-25T00:00:00","slug":"saudi-arabias-non-oil-exports-inched-up-in-2q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/25\/saudi-arabias-non-oil-exports-inched-up-in-2q\/","title":{"rendered":"Saudi Arabia\u2019s non-oil exports inched up in 2Q"},"content":{"rendered":"

The Kingdom\u2019s <\/strong>non-oil exports<\/strong> rose 1.4% y-o-y in 2Q 2024<\/strong>, according to the latest data from th<\/a>e General Authority for Statistics (Gastat) (pdf)<\/a>. Total non-oil exports including re-exports were up 10.5% y-o-y, with exports increasing in value by 39.1% over the same period. Meanwhile, imports were up 3% y-o-y last quarter.<\/p>\n

This marks a turnaround from 1Q:<\/strong> The Kingdom\u2019s non-oil exports fell 5.2% in 1Q 2024<\/a>. Total non-oil exports were up 3.3% during the period \u2014 including re-exports, which increased in value by 31.5%.<\/p>\n

Non-oil exports grew faster than imports: <\/strong>The ratio of total non-oil exports to imports rose to 37.6% y-o-y in 2Q, up from 35% in the same quarter last year.<\/p>\n

Monthly snapshot: <\/strong>National non-oil exports grew 0.5% y-o-y in June, while total non-oil exports were up 7.3% y-o-y on the back of a 31% increase in the value of re-exported goods, according to a monthly Gastat report (pdf)<\/a>.<\/p>\n

Chemical products made up 25.6% of total non-oil exports, despite a 4.6% y-o-y<\/strong> downtick.<\/strong> This was followed by plastics, rubber, and their derivatives, accounting for 24.3% of total non-oil exports with a 6.7% y-o-y increase. <\/p>\n

China remains our number one trade partner:<\/strong> Saudi exports to China accounted for 16.2% of total exports in 2Q, followed by South Korea at 9%, and Japan at 8.8%. Chinese products and services also accounted for the largest share of Saudi\u2019s imports during the quarter (23.1%), followed by the USA (8.4%) and the UAE (6%). <\/p>\n

ON THE OIL SIDE- <\/p>\n

Oil exports\u2019 share of total exports dipped to 75% last quarter<\/strong>, down from 77.4% in the same quarter last year. <\/p>\n

Oil export revenues were at a three-year low in June: <\/strong>Sales from crude oil and refined product shipments were down 9% y-o-y to USD 17.7 bn in June, Bloomberg<\/a> reported citing Gastat. This was attributed to a combination of the decline in oil prices, and the Kingdom\u2019s decision to put a cap on production. <\/p>\n","protected":false},"excerpt":{"rendered":"

Oil exports dropped 3.3% on an annual basis last quarter<\/p>\n","protected":false},"author":1,"featured_media":88987,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2857],"tags":[27,10,159,309],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-economy","tag-enterpriseam-ksa","tag-oil-watch","tag-trade","wpautop","entry"],"acf":{"mongo_id":"62b9a21b-3af9-4f40-83cb-8bfd67c0fc1c","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2094.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Arabia\u2019s non-oil exports edged up in 2Q, as oil exports continue to inch down","related_issue":[88981],"teaser":"Oil exports dropped 3.3% on an annual basis last quarter","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.350d5a43-2236-43c5-8673-54182c0c7c7d.mp3"},"yoast_head":"\nSaudi Arabia\u2019s non-oil exports inched up in 2Q - 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