Riyadh, Saudi Arabia — Saudi Arabia’s oil exports fell by 33.4 percent to SAR 227.7 billion ($60.70 billion), from SAR 341.6 billion, in the second quarter of 2023, contributing mainly to the decline of 31.8 percent in overall merchandise exports, compared to Q2 2022.
The value of exports amounted to SAR 291.6 billion in Q2 2023, down from SAR 427.8 billion in Q2 2022.
The share of oil exports in total exports decreased from 79.9 percent in Q2 2022 to 78.1 percent in Q2 2023. Compared to Q1 2023, total merchandise exports decreased by SAR 23.8 billion or 7.6 percent.
Non-oil exports (including re-exports) decreased by 25.9 percent, compared to Q2 2022, decreasing to SAR 63.9 billion from SAR 86.2 billion in Q2 2022. Non-oil exports (excluding re-exports) decreased by 30.8 percent as re-exports also fell by 1.1 percent in the same period.
Non-oil exports (including re-exports) decreased compared to Q1 2023 by SAR 5.7 billion or 8.2Â percent.
Merchandise imports increased by 2.0 percent (SAR 3.5 billion) in Q2 2023. The value of imports amounted to SAR 178.9 billion in Q2 2023 compared to SAR 175.4 billion in Q2 2022. Imports however decreased compared to Q1 2023 by SAR 15.2 billion or 7.8 percent.
The ratio of non-oil exports to imports decreased to 35.7 percent in Q2 2023 from 49.1 percent in Q2 2022, as a result of a decrease in non-oil exports (25.9 percent) in contrast to an increase in imports (2%) over that period.
In Q2 2023, exports to China amounted to SAR 48.8 billion (16.7 percent of total exports), making this country the main destination for exports of Saudi Arabia.
Japan and India followed next with SAR 26.9 billion (9.2 percent of total exports) and SAR 26.8 billion (9.2 percent of total exports), respectively.
South Korea, U.S.A, United Arab Emirates, Bahrain, Singapore, Taiwan, and Egypt were the other countries that ranked in the top 10 destinations. Exports of Saudi Arabia to those 10 countries amounted to SAR 190.2 billion, accounting for 65.2 percent of total exports.