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.
Based on a latest launch from the Normal Authority for Statistics, the Kingdom’s total 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, consistent with the decision of the Group of the Petroleum Exporting Nations and its allies, collectively generally 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 reducing its output by 500,000 bpd, and this dedication has been prolonged till December 2024.
Moreover, in June, the Kingdom applied a further output minimize of 1 million bpd, which continued till December 2023.
Based on 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.
However, the Kingdom’s merchandise imports noticed an annual enhance 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 essential buying and selling companion for the month with the Kingdom’s exports to the Asian large totaling SR16.1 billion.
This was intently 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 had been the opposite international locations that ranked within the high 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 price of SR18.3 billion, constituting 27.3 p.c of the general imports.