The General Authority for Statistics (GASTAT) announced today a 10.5% increase in non-oil exports in the second quarter of 2024 compared to the second quarter of 2023. Additionally, national non-oil exports, excluding re-exports, increased by 1.4%, while the value of re-exported goods rose by 39.1% during the same period, according to the International Trade Publication for the second quarter of 2024.

The Publication's results revealed a 4.3% rise in non-oil exports, including re-exports, while merchandise exports saw a 0.2% decline in the second quarter of 2024 compared to the same quarter in 2023. Imports also decreased by 5.6%, driven by a 3.3% decrease in oil exports. The share of oil exports in total exports fell to 75.0% in the second quarter of 2024, down from 77.4% in the corresponding quarter of the previous year.

The Publication also reported a 3.0% increase in the Kingdom's imports during the second quarter of 2024. As for the trade balance, the surplus decreased by 6.0% compared to the same quarter of the previous year. Compared to the first quarter of 2024, the value of merchandise exports remained stable, while the value of imports decreased by 5.6%. The trade balance surplus increased by 13.2% compared to the first quarter of 2024.

Additionally, the International Trade Publication for June 2024 indicated that the value of non-oil exports (including re-exports) reached SAR 21.6 billion in June 2024, compared to SAR 20.1 billion in June 2023, an increase of SAR 1.5 billion, or 7.3%. Meanwhile, the value of oil exports amounted to SAR 66.3 billion in June 2024, compared to SAR 73.2 billion in June 2023, a decrease of SAR 6.8 billion, or 9.3%. The decline in oil exports had the greatest impact on the decrease in merchandise exports. The value of merchandise exports was SAR 87.9 billion in June 2024, compared to SAR 93.3 billion in June 2023, a decrease of SAR 5.4 billion, or 5.8%.

In contrast, the value of the Kingdom's merchandise imports was SAR 57.7 billion in June 2024, compared to SAR 60.8 billion in June 2023, a decrease of SAR 3.1 billion, or 5.1%.