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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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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki

The International Monetary Fund said on Thursday that an escalation of the conflict in the Middle East could have significant economic ramifications for the region and the global economy, but commodity prices remain below the highs of the past year.

IMF spokesperson Julie Kozack told a regular news briefing that the Fund is closely monitoring the situation in southern Lebanon with "grave concern" and offered condolences for the loss of life.

"The potential for further escalation of the conflict heightens risks and uncertainty and could have significant economic ramifications for the region and beyond," Kozack said.

According to Reuters, she said it was too early to predict specific impacts on the global economy, but noted that economies in the region have already suffered greatly, especially in Gaza, where the civilian population "faces dire socioeconomic conditions, a humanitarian crisis and insufficient aid deliveries.

The IMF estimates that Gaza's GDP declined 86% in the first half of 2024, Kozack said, while the West Bank's first-half GDP likely declined 25%, with prospects of a further deterioration.

Israel's GDP contracted by about 20% in the fourth quarter of 2023 after the conflict began, and the country has seen only a partial recovery in the first half of 2024, she added.
The IMF will update its economic projections for all countries and the global economy later in October when the global lender and World Bank hold their fall meetings in Washington.
"In Lebanon, the recent intensification of the conflict is exacerbating the country's already fragile macroeconomic and social situation," Kozack said, referring to Israel's airstrikes on Hezbollah in Lebanon.
"The conflict has inflicted a heavy human toll on the country, and it has damaged physical infrastructure."
The main channels for the conflict to impact the global economy have been through higher commodity prices, including oil and grains, as well as increased shipping costs, as vessels avoid potential missile attacks by Yemen's Houthis on vessels in the Red Sea, Kozack said. But commodity prices are currently lower than their peaks in the past year.
"I just emphasize once again that we're closely monitoring the situation, and this is a situation of great concern and very high uncertainty," she added.
Lebanon in 2022 reached a staff-level agreement with the IMF on a potential loan program, but there has been insufficient progress on required reforms, Kozack said.
"We are prepared to engage with Lebanon on a possible financing program when the situation is appropriate to do so, but it would necessitate that the actions can be taken and decisive policy measures can be taken," Kozack added. "We are currently supporting Lebanon through capacity development assistance and other areas where possible."