Riyadh, Saudi Arabia — Saudi Arabia’s oil exports fell by 37.7 percent in May to SAR 72 billion ($19.20 billion), from SAR 115.5 billion in May 2022, leading to a decrease in the overall merchandise exports by 32.1 percent to SAR 97.1 billion in May 2023, from SAR 143.0 billion in May 2022.
The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to General Authority on Statistics (GASTAT)
Compared to April 2023, total merchandise exports decreased by SAR 7.0 billion or 6.7 percent.
Non-oil exports (including re-exports) decreased by 8.7 percent, compared to May 2022, decreasing to SAR 25.1 billion from SAR 27.5 billion in May 2022.
Non-oil exports (excluding re-exports) decreased by 19.2 percent as re-exports also rose by 50.0 percent in the same period. Non-oil exports (including re-exports) increased compared to April 2023 by SAR 4.9 billion or 23.9 percent.
Merchandise imports increased by 20.9 percent (SAR 11.7 billion) in May 2023. The value of imports amounted to SAR 67.7 billion in May 2023 compared to SAR 56.0 billion in May 2022. Imports also increased compared to April 2023 by SAR 9.8 billion or 16.9 percent.
China was the top destination for Saudi exports, receiving 17.4 percent of the total, followed by India and Japan. It was also the top importer of goods into Saudi Arabia, accounting for just over 23 percent of total imports into the country in May.
South Korea, United Arab Emirates, the US, Netherlands, Bahrain, 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 64.2 billion, accounting for 66.1 percent of total exports.
