Non-petroleum exports, which include re-exports, saw a 4.4% increase in February 2024 compared to the same period last year. Conversely, national non-petroleum exports excluding re-exports dropped by 4.1%. Meanwhile, the value of re-exported goods surged by 32.3% during the same timeframe.
Figures released by the General Authority for Statistics revealed a 2% decrease in commodity exports in February 2024 compared to February 2023, attributed to a 3.8% decline in petroleum exports. This resulted in a decrease in the proportion of petroleum exports to total exports, down to 77% from 78.4% in February 2023.
On the import front, there was a notable uptick of 12.3% in imports in February of the previous year, contributing to a 21.8% reduction in the trade surplus compared to the same month of the previous year.
Compared to January 2024, there was a marginal 0.1% increase in the value of commodity exports, while the value of non-petroleum exports, including re-exports, experienced an 8.5% decline. Additionally, imports decreased by 5.4%, while the trade surplus expanded by 13% compared to January 2024.
The General Authority for Statistics highlighted China as the primary destination for Saudi exports, accounting for 13.2% of total exports in February 2024, followed by India at 9.9% and Japan at 9%. Among the top 10 export destinations were South Korea, the UAE, Poland, Egypt, the United States, France, and Bahrain, collectively representing 66.6% of total exports.
In terms of imports, China held the top spot, comprising 19.9% of total imports in February 2024, followed by the United States at 8% and India at 7%. The UAE, Egypt, Switzerland, Germany, Japan, Italy, and South Korea rounded out the top 10 import sources, accounting for 63.8% of total imports.
