Riyadh, Saudi Arabia — Saudi Arabia’s non-oil exports surged by 22.8 percent in September, according to a report by the kingdom’s General Authority for Statistics (GASTAT).
The September 2024 International Trade Report said national non-oil exports, excluding re-exports, rose by 11.6 percent and the value of re-exported goods increased by 65.4 percent during the same period.
The report also indicated a 14.9 percent decline in merchandise exports in September 2024 compared to September 2023, attributed to a 24.5 percent decrease in oil exports.
Furthermore, the percentage of oil exports as part of total exports decreased from 79.7 percent in September 2023 to 70.7 percent in September 2024.
Saudi imports rose by 15 percent in September 2024 and there was a 56.9 percent decrease in the surplus of the merchandise trade balance compared to September 2023.
The report highlighted that the ratio of non-oil exports to imports rose to 37.1 percent in September 2024 from 34.8 percent in September 2023, driven by a 22.8 percent increase in non-oil exports and a 15 percent increase in imports during that timeframe.