Saudi Arabia inks deal to export hydroponic merchandise to Netherlands and wider Europe

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RIYADH: Saudi Arabia’s non-oil exports, together with re-exports, rose by 2.5 p.c to SR22.6 billion ($6.03 billion) in November 2023 in comparison with the earlier month, official knowledge confirmed. 

In line with a current launch from the Normal Authority for Statistics, the Kingdom’s general merchandise exports skilled a 15.6 p.c year-on-year lower in November, amounting to SR95 billion. 

This decline is attributed to Saudi Arabia’s choice to scale back crude output, according to the decision of the Group of the Petroleum Exporting International locations and its allies, collectively often known as OPEC+. 

To take care of market stability, OPEC+ had agreed to chop oil output by 1.2 million barrels per day beginning in April 2023. Inside these reductions, Saudi Arabia dedicated to decreasing its output by 500,000 bpd, and this dedication has been prolonged till December 2024. 

Moreover, in June, the Kingdom applied an extra output lower of 1 million bpd, which continued till December 2023. 

In line with the GASTAT report, Saudi Arabia’s oil exports noticed an annual lower of SR17.5 billion, or 19.4 p.c, in November 2023.

In comparison with October 2023, complete merchandise exports decreased by SR9.3 billion, or 8.9 p.c. 

Alternatively, the Kingdom’s merchandise imports noticed an annual improve of 3.7 p.c in November to SR67.1 billion.

Nonetheless, imports decreased by 9.1 p.c in November in comparison with the earlier month. 

China was Saudi Arabia’s most necessary buying and selling companion for the month with the Kingdom’s exports to the Asian large totaling SR16.1 billion. 

This was carefully adopted by Japan and India with exports value SR10.5 billion and SR10.3 billion, respectively. 

South Korea, the UAE and Poland in addition to the US, Bahrain, Malaysia, and Singapore have been the opposite nations that ranked within the prime 10 locations for Saudi Arabia’s exports. 

China additionally led in imports, with the Kingdom importing items from the Asian large value SR16.7 billion in November.

The US and the UAE adopted subsequent with imports of SR5.6 billion and SR4.6 billion, respectively.

Jeddah Islamic Port remained the most important entry level for items into the Kingdom in November, with a worth of SR18.3 billion, constituting 27.3 p.c of the general imports.