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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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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.