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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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UK Faces Legal Action over New North Sea Oil, Gas Licences

A general view of a section of a gas platform in the North Sea, June 17, 2024. Leon Neal/Pool via REUTERS/File Photo Purchase Licensing Rights
A general view of a section of a gas platform in the North Sea, June 17, 2024. Leon Neal/Pool via REUTERS/File Photo Purchase Licensing Rights
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UK Faces Legal Action over New North Sea Oil, Gas Licences

A general view of a section of a gas platform in the North Sea, June 17, 2024. Leon Neal/Pool via REUTERS/File Photo Purchase Licensing Rights
A general view of a section of a gas platform in the North Sea, June 17, 2024. Leon Neal/Pool via REUTERS/File Photo Purchase Licensing Rights

Britain's decision to issue dozens of new oil and gas exploration licences is being challenged in court by a marine conservation organisation, which argues ministers unlawfully failed to consider the impact on marine life.

Oceana UK is taking legal action over 31 licences issued under Britain's previous government in May this year as part of the North Sea Transition Authority's latest oil and gas licensing round.

An exploration licence does not necessarily result in a producing field, though environmental groups argue that expansion of oil and gas production is inconsistent with the government's target to become a net-zero carbon economy by 2050, according to Reuters.

Oceana and other members of the Ocean Alliance Against Offshore Drilling this week wrote to Britain's Energy Secretary Ed Miliband, asking him to concede Oceana's legal challenge.

"By conceding the case, the government can make good on promises made to the public and signal a clear departure from the previous administration's continuing reliance on fossil fuels," they wrote.

Britain's Department for Energy Security and Net Zero declined to comment.

Oceana's case is the latest challenge over fossil fuels as campaigners increasingly turn to the law to force governments to move more quickly on tackling emissions, with mixed success.