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Saudi Non-oil Exports Surge 12.4% to SR101.7 Billion in April

There was an increase in the ratio of non-oil exports, including re-exports, to imports in April 2024 (File Photo AAWSAT)
There was an increase in the ratio of non-oil exports, including re-exports, to imports in April 2024 (File Photo AAWSAT)
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Saudi Non-oil Exports Surge 12.4% to SR101.7 Billion in April

There was an increase in the ratio of non-oil exports, including re-exports, to imports in April 2024 (File Photo AAWSAT)
There was an increase in the ratio of non-oil exports, including re-exports, to imports in April 2024 (File Photo AAWSAT)

Saudi Arabia’s non-oil exports, including re-exports, recorded a jump of 12.4 percent, reaching SR101.7 billion in April 2024, compared to the same period in 2023.

The General Authority for Statistics (GASTAT) latest report on Monday showed there has also been an increase in non-oil exports excluding re-exports as well, but at a lower rate of 1.6 percent, while the value of re-exported goods jumped to 56.4 percent in April compared to the same month in 2023.

The report pointed out that there was an increase in the ratio of non-oil exports, including re-exports, to imports in April 2024, reaching 37.1 percent compared to 32.6 percent in April 2023, as a result of an increase in non-oil exports by 12.4 percent, bringing the decrease in imports to 1.3 percent during this period.

The GASTAT said in its international trade report that merchandise exports decreased by one percent in April, as a result of a decline in petroleum exports by 4.2 percent, while the percentage of petroleum exports out of total exports decreased from 80.6 percent in April 2023 to 78 percent in the same month of 2024.

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Türkiye Welcomes Removal from Key Money-laundering Watchlist

This aerial picture shows Hagia Sophia in Istanbul, Türkiye, April 25, 2020. (AFP Photo)
This aerial picture shows Hagia Sophia in Istanbul, Türkiye, April 25, 2020. (AFP Photo)
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Türkiye Welcomes Removal from Key Money-laundering Watchlist

This aerial picture shows Hagia Sophia in Istanbul, Türkiye, April 25, 2020. (AFP Photo)
This aerial picture shows Hagia Sophia in Istanbul, Türkiye, April 25, 2020. (AFP Photo)

Türkiye on Friday welcomed a decision by an international watchdog to remove it from a so-called “ gray list ” of countries that have not fully implemented measures to fight money laundering and terrorism financing.

The announcement by the Financial Action Task Force in Singapore could bolster foreign investments in Türkiye, which is trying to rebound from a deep economic downturn

“We succeeded,” Turkish Finance Minister Mehmet Simsek wrote on the social media platform X, as the decision was being announced.

Vice-President Cevdet Yilmaz said: “With this development, international investors’ confidence in our country’s financial system has become even stronger. The decision will have extremely positive consequences for the financial sector and the economy.”

Being on the watchdog’s gray list can scare away investors and creditors, hurting exports, output and consumption. It also can make global banks wary of doing business with a country.

FATF President T. Raja Kumar, who is finishing his two-year term, said Türkiye was taken off the gray list because of the “substantial progress” that it has made.

Kumar said a FATF team visited Türkiye in May and confirmed that the country had taken “substantive steps” to improve its anti-money laundering regime, addressing all the items in its action plan.

As examples he cited Türkiye's complex investigations into and prosecutions of money laundering and terrorist financing. Türkiye was placed on the list in 2021.

“We will with determination continue our fight against organized crime organizations, the traffickers of poison (drugs), the immigrant smuggling rings, the money-laundering criminal groups, and especially against the financing of terrorism and of those traitors,” Türkiye's Interior Minister Ali Yerlikaya wrote on X.