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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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GASTAT: Unemployment Rate in Saudi Arabia Stabilizes Relatively at 3.5% in Q1 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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GASTAT: Unemployment Rate in Saudi Arabia Stabilizes Relatively at 3.5% in Q1 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

The Saudi unemployment rate in the first quarter of 2024 reached 7.6%, compared to 7.8% in the fourth quarter of 2023, said the General Authority for Statistics (GASTAT) in the Labor Market Bulletin for the first quarter of 2024.

The report provides insights into the changes in the labor market during this period, incorporating the revised data from the fourth quarter of 2023 based on the Saudi Census 2022.

The overall unemployment rate - for Saudis and non-Saudis - has relatively stabilized at 3.5% in the first quarter of 2024, compared to 3.4% in Q4 2023.

In the first quarter of 2024, the unemployment rate for Saudi females rose to 14.2%, up from 13.9% in the previous quarter of 2023 and unemployment for Saudi male workers decreased to 4.2% from 4.6% in the previous quarter of 2023.

The labor force participation rate in Q1 2024 for Saudis increased to 51.4%, compared to 50.4% in the fourth quarter of 2023. However, the labor force participation rate for both Saudis and non-Saudis decreased to 66.0% from 67.0% in the fourth quarter of 2023.

Moreover, the results also showed that the labor force participation rate for Saudi females increased to 35.8% in the first quarter of 2024, up from 35.0% in the previous quarter. Similarly, for Saudi male workers, the labor force participation rate increased to 66.4% from 65.4% in the previous quarter.

According to GASTAT, the results are based on a household survey conducted by the authority, which electronically collects information from a sample representing different regions of the Kingdom.

Data about the working-age population residing in the Kingdom is thus collected and estimates are made by the authority by calculating important labor market indicators, such as unemployment and labor force participation rates, among others.