RIYADH: Saudi Arabia’s non-oil exports, including re-exports, rose by 2.5 percent to SR22.6 billion ($6.03 billion) in November 2023 compared to the previous month, official data showed.
According to a recent release from the General Authority for Statistics, the Kingdom’s overall merchandise exports experienced a 15.6 percent year-on-year decrease in November, amounting to SR95 billion.
This decline is attributed to Saudi Arabia’s decision to reduce crude output, in line with the resolution of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.
To maintain market stability, OPEC+ had agreed to cut oil output by 1.2 million barrels per day starting in April 2023. Within these reductions, Saudi Arabia committed to lowering its output by 500,000 bpd, and this commitment has been extended until December 2024.
Furthermore, in June, the Kingdom implemented an additional output cut of 1 million bpd, which persisted until December 2023.
According to the GASTAT report, Saudi Arabia’s oil exports saw an annual decrease of SR17.5 billion, or 19.4 percent, in November 2023.
Compared to October 2023, total merchandise exports decreased by SR9.3 billion, or 8.9 percent.
On the other hand, the Kingdom’s merchandise imports saw an annual increase of 3.7 percent in November to SR67.1 billion.
However, imports decreased by 9.1 percent in November compared to the previous month.
China was Saudi Arabia’s most important trading partner for the month with the Kingdom’s exports to the Asian giant totaling SR16.1 billion.
This was closely followed by Japan and India with exports worth SR10.5 billion and SR10.3 billion, respectively.
South Korea, the UAE and Poland as well as the US, Bahrain, Malaysia, and Singapore were the other countries that ranked in the top 10 destinations for Saudi Arabia’s exports.
China also led in imports, with the Kingdom importing goods from the Asian giant worth SR16.7 billion in November.
The US and the UAE followed next with imports of SR5.6 billion and SR4.6 billion, respectively.
Jeddah Islamic Port remained the largest entry point for goods into the Kingdom in November, with a value of SR18.3 billion, constituting 27.3 percent of the overall imports.