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GASTAT: Saudi Non-oil Exports Increased by 10.5% in Q2

Containers waiting to be shipped at a Saudi port. SPA
Containers waiting to be shipped at a Saudi port. SPA
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GASTAT: Saudi Non-oil Exports Increased by 10.5% in Q2

Containers waiting to be shipped at a Saudi port. SPA
Containers waiting to be shipped at a Saudi port. SPA

Saudi Arabia’s General Authority for Statistics (GASTAT) said on Thursday that non-oil exports increased by 10.5% compared to Q2 2023.

According to the International Trade Publication for Q2 of 2024, national non-oil exports, excluding re-exports, increased by 1.4%, and the value of re-exported goods increased by 39.1%.

The value of non-oil exports, including re-exports, rose by 4.3%. Merchandise exports decreased by 0.2% compared to Q2 2023, and the value of imports fell by 5.6% due to a 3.3% decrease in oil exports. The share of oil exports in total exports fell to 75.0% from 77.4% in Q2 2023.

Imports rose by 3.0%, and the surplus of the merchandise trade balance decreased by 6.0% compared to Q2 2023.

The value of merchandise exports remained stable compared to Q1 2024. The value of imports decreased by 5.6%, and the surplus of the merchandise trade balance recorded an increase of 13.2%.

GASTAT also issued the International Trade Publication for June 2024, which shows that non-oil exports, including re-exports, increased by 7.3% compared to June 2023. Merchandise exports decreased by 5.8% compared to June 2023 due to a 9.3% decrease in oil exports, and merchandise imports decreased by 5.1%.

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Lebanon Central Bank Governor Says 'Working Hard' to Prevent Grey-listing

A view of Lebanon's Central Bank building in Beirut, Lebanon (File photo: Reuters)
A view of Lebanon's Central Bank building in Beirut, Lebanon (File photo: Reuters)
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Lebanon Central Bank Governor Says 'Working Hard' to Prevent Grey-listing

A view of Lebanon's Central Bank building in Beirut, Lebanon (File photo: Reuters)
A view of Lebanon's Central Bank building in Beirut, Lebanon (File photo: Reuters)

Lebanon's acting central bank governor said on Thursday that his institution was still striving to prevent being placed on a "grey list" of countries under special scrutiny by a financial crime watchdog.

Being added to the Financial Action Task Force's grey list would be another major blow to a country in financial tailspin since 2019, with depositors still locked out of most of their pre-crisis savings and many foreign corresponding banks shunning Lebanon's financial system.

Reuters first reported in May 2023 that Lebanon had received a preliminary evaluation warranting grey-listing, with gaps in several categories including its anti-money laundering measures, transparency on beneficial ownership of firms and legal assistance in asset freezing and confiscation.

After the initial assessment, Lebanon was granted a year to address those gaps before a final ruling that is set to be announced at the FATF's plenary in October of this year.

"The Financial Action Task Force (FATF) will issue a decision this coming fall and we are still working hard to prevent Lebanon from being placed on the grey list," acting central bank governor Wissam Mansouri said, addressing a meeting of the Union of Arab Banks in Beirut.

Mansouri said Lebanon had received low scores on measures to confiscate illicit wealth or address money laundering, and that the country needed to develop an action plan to address the remaining gaps.

In 2023, a diplomatic source and a financial source familiar with the matter said that the central bank's special investigations commission was lobbying FATF member states in a bid to change the score.

Being put on the FATF grey list could disrupt a country's capital flows, according to the International Monetary Fund, with banks cutting ties to customers in high-risk countries to reduce compliance costs.

Such a listing also risks reputational damage, credit ratings adjustments, trouble obtaining global finance and higher transaction costs.

In Lebanon's case, the listing would represent an indictment of the financial system at a painful time. The country has been slow to make progress on key reforms requested by the IMF in April 2022 as prerequisites for a deal with the fund. The economy has slowed further after more than 10 months of hostilities between armed group Hezbollah and the Israeli military in parallel with the Gaza war.