Saudi Non-Oil Exports Rise by 7.4 Percent in August, Oil Exports Decline

Riyadh: Saudi Arabia's non-oil exports saw a 7.4 percent increase in August 2024, reaching SAR 27.5 billion (USD 7.32 billion), up from SAR 25.6 billion (USD 6.82 billion) in the same month of the previous year. This rise accounts for an increase of SAR 1.9 billion, as reported by the Saudi General Authority for Statistics through the International Trade Bulletin released on Thursday. According to Kuwait News Agency, the bulletin also highlighted a significant decrease in the value of oil exports for August 2024, which totaled SAR 65.3 billion (USD 17.39 billion). This represents a decline of SAR 12 billion (USD 3.19 billion), or 15.5 percent, from August 2023, when oil exports were valued at SAR 77.3 billion (USD 20.58 billion). The bulletin further indicated a decline in total commodity exports, which amounted to SAR 92.8 billion (USD 24.71 billion) in August 2024. This is a decrease of SAR 10.1 billion (USD 2.69 billion), or 9.8 percent, compared to SAR 102.9 billion (USD 27.40 billion) in August 2023. In addition, the value of commodity imports into Saudi Arabia fell to SAR 64.8 billion (USD 17.25 billion) in August 2024, from SAR 67.4 billion (USD 17.95 billion) in August 2023. This marks a decrease of SAR 2.6 billion (USD 0.69 billion), or 3.9 percent.