عربي English Türkçe اردو فارسى
Logo
Latest News
Business

GASTAT: Saudi Non-oil Exports Increased by 19.7% in November 2024

GASTAT: Saudi Non-oil Exports Increased by 19.7% in November 2024
TT
TT

GASTAT: Saudi Non-oil Exports Increased by 19.7% in November 2024

GASTAT: Saudi Non-oil Exports Increased by 19.7% in November 2024

Saudi Arabia’s General Authority for Statistics (GASTAT) released the international trade publication for November 2024, revealing a 19.7% increase in non-oil exports compared to November 2023.
The publication also highlighted an 82.9% rise in the value of re-exported goods during the same period, while merchandise exports decreased by 4.7% and imports grew by 13.9%, SPA reported.
It also showed that chemical products are among the most significant non-oil exports, accounting for 24.0% of the total, a 1.6% decrease compared to November 2023.
Plastics, rubber, and their products, which represented 21.7% of total non-oil exports, recorded a 4.0% increase compared to November 2023.
Machinery, electrical equipment and their parts accounted for 28.1% of total imports, showing a 22.4% increase compared to November 2023. Transportation equipment and their parts, representing 14.2% of total imports, also saw a 22.0% increase compared to November 2023.
The publication revealed that total exports reached SAR90.5 billion, total imports totaled SAR73.7 billion, and the trade balance stood at SAR16.8 billion.

Most Viewed

 
 
Business

Oil Prices Held Down by Trump Tariff Uncertainty

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
TT
TT

Oil Prices Held Down by Trump Tariff Uncertainty

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)

Oil prices were little changed on Thursday, maintaining almost all of the previous session's losses on uncertainty over how US President Donald Trump's proposed tariffs and energy policies would affect global economic growth and energy demand.

Brent crude futures were up 18 cents at $79.18 a barrel by 1315 GMT. US West Texas Intermediate crude (WTI) rose 14 cents to $75.58.

"Oil markets have given back some recent gains due to mixed drivers," said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.

"Key factors include expectations of increased US production under President Trump's pro-drilling policies and easing geopolitical stress in Gaza, lifting fears of further escalation in supply disruption from key producing regions."

The broader economic implications of US tariffs could further dampen global oil demand growth, she added, Reuters reported.

Trump has said he would add new tariffs to his sanctions threat against Russia if the country does not make a deal to end its war in Ukraine.

He also vowed to hit the European Union with tariffs and impose 25% tariffs against Canada and Mexico. On China, Trump said his administration was discussing a 10% punitive duty because fentanyl is being sent from there to the United States.

On Monday he declared a national energy emergency intended to provide him with the authority to reduce environmental restrictions on energy infrastructure and projects and ease permitting for new transmission and pipeline infrastructure.

There will be "more potential downward choppy movement in the oil market in the near term due to the Trump administration's lack of clarity on trade tariffs policy and impending higher oil supplies from the US", OANDA senior market analyst Kelvin Wong said in an email.

On the US oil inventory front, crude stocks rose by 958,000 barrels in the week ended Jan. 17, according to sources citing American Petroleum Institute figures on Wednesday.

Gasoline inventories rose by 3.23 million barrels and distillate stocks climbed by 1.88 million barrels, they said.