Saudi Arabia’s trade balance, representing the difference between the nation’s merchandise exports and imports, reached SAR113 billion ($30.12 billion) in the second quarter of 2023, as per recently released government data.
According to the General Authority for Statistics report, Saudi Arabia exhibited resilience in its trade performance, as the Kingdom’s overall merchandise exports reached SAR291.6 billion in the second quarter of this year, adapting to a 31.8% adjustment from SAR427.8 billion in the same period of the previous year.
The report highlighted that the decline in overall exports was predominantly driven by a 33.4 % drop in oil exports during the second quarter, amounting to SAR227.7 billion, compared to SAR341.6 billion during the same period of the previous year.
The GASTAT report added that Saudi Arabia’s non-oil exports, including re-exports, dipped 25.9 % in the second quarter to SAR63.9 billion from SAR86.2 billion in the same period of 2022.
On the other hand, non-oil exports, excluding re-exports, decreased by 30.8 % annually in the second quarter of 2023.
The report added that the Kingdom’s merchandise imports increased by 2 % or SAR3.5 billion to SAR178.9 billion in the second quarter, compared to SAR175.4 billion in the same period of the previous year.
The GASTAT report highlighted that chemical and allied products were the most important non-oil export goods in the second quarter of this year, constituting 29.6 % of total non-oil exports.
In the second quarter of this year, China was Saudi Arabia’s primary merchandise trading partner, with exports to the Asian nation amounting to SAR48.8 billion or 16.7 % of the total.
On the import side, China held the lead, accounting for 20.9 % or SR37.4 billion in imports in the second quarter of 2023.
China was followed by the US and the UAE, with imports valued at SAR15.1 billion and SAR10.6 billion, respectively.
