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Saudi merchandize exports down 14.6% in Q1 as oil exports fall

Employees’ compensation increased by 6 percent YoY to reach US$110 billion in 2022. (WAM)
By TRENDS Desk
June 1, 2023 11:09 pm
  • The value of exports amounted to SAR 313.5 billion ($83.6bn) in Q1 2023, down from SAR 367.1 billion ($97.86bn) in Q1 2022.
  • The decrease originated mainly from oil exports, which fell by SAR 43.1 billion ($11.47bn) or 14.9 percent in the same period.
Riyadh, Saudi Arabia — Saudi Arabia’s merchandize exports decreased by 14.6 percent in Q1 2023, compared to Q1 2022, a report by the General Authority for Statistics (GASTAT) said. The value of exports amounted to SAR 313.5 billion ($83.6bn) in Q1 2023, down from SAR 367.1 billion ($97.86bn) in Q1 2022. The decrease originated mainly from oil exports, which fell by SAR 43.1 billion ($11.47bn) or 14.9 percent in the same period, decreasing to SAR 245.4 billion ($65.4bn) from SAR 288.5 billion ($76.9bn) in Q1 2022. Non-oil exports including re-exports decreased by 13.3 percent compared to Q1 2022, decreasing to SAR 68.1 billion ($18.16bn) from SAR 78.6 billion ($21bn) in Q1 2022. Merchandize imports increased by 18.1 percent (SAR 28.5 billion) in Q1 2023. The value of imports amounted to SAR 186.4 billion in Q1 2023 compared to SAR 157.9 billion in Q1 2022. In Q1 2023, exports to China amounted to SAR 51.5 billion (16.4 percent of total exports), making this country the main destination for exports of Saudi Arabia. Japan and India followed next with SAR 32.0 billion (10.2% of total exports) and SAR 30.2 billion (9.6% of total exports), respectively. South Korea, U.S.A, United Arab Emirates, Poland, France, Singapore, and Taiwan were the other countries that ranked in the top 10 destinations. Exports of Saudi Arabia to those 10 countries amounted to SAR 204.6 billion, accounting for 65.3 percent of total exports.
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