Riyadh - Mubasher: Saudi Arabia's non-oil exports, including re-exports, surged by 13.10% year-on-year (YoY) to SAR 78.40 billion in the third quarter (Q3) of 2022, compared to SAR 69.40 billion.
Overall merchandise exports amounted to SAR 399.70 billion in Q3-22, an annual hike of 46.10% from SAR 273.60 billion, according to the latest data of the Saudi General Authority for Statistics (GaStat).
The higher exports were driven by a 57.30% YoY leap in oil exports during the July-September 2022 period.
The share of oil exports in total exports rose to 80.40% in Q3-22 from 74.60% in Q3-21.
In the three-month period which ended on 30 September 2022, the Kingdom's merchandise imports reached SAR 181.10 billion, higher by SAR 36.40 billion (25.10%) YoY than SAR 144.80 billion.
On a quarterly basis, the non-oil exports retreated by SAR 8.40 billion (9.60%) in Q3-22 when compared to Q2-22.
The total merchandise exports declined by SAR 30.80 billion (7.10%), whereas the imports increased by SAR 8.30 billion (4.80%) when compared to Q2-22.
China dominated the destinations for Saudi exports with SAR 65.60 billion in Q3-22, followed by South Korea and Japan with SAR 40 billion and SAR 39.60 billion, respectively.
Non-oil Exports up 9.7% in September 2022
The Saudi non-oil exports, excluding re-exports, went up by 9.70% to SAR 21.60 billion last September, compared to SAR 19.70 billion during the same month in 2021.
Re-exports shrank by 48.70% in September 2022, leading to a 3.40% YoY decline in total non-oil exports.
Saudi Arabia posted an annual surge of 30.90% in overall merchandise exports to SAR 124.70 billion in September 2022, versus SAR 95.20 billion. This increase was mainly attributed to a SAR 30.30 billion (43.40%) jump in oil exports.
Meanwhile, the merchandise imports hiked by SAR 12.70 billion (26.90%) YoY in September 2022 to SAR 60 billion from SAR 47.30 billion.
Furthermore, the share of oil exports in total exports soared to 80.40% in September 2022 from 73.40% in the year-ago period.
Month-on-month (MoM), the total merchandise exports plummeted last September by SAR 9.10 billion (6.80%) when compared to August 2022, while the imports decreased by SAR 3.50 billion (5.40%).
In September 2022, the total non-oil exports, including re-exports, were lower by SAR 2.40 billion (8.80%) MoM.
China was the trading partner for the Kingdom’s exports last September with a value of SAR 19.80 billion, followed by India and South Korea with SAR 12.90 billion and SAR 12.50 billion, respectively.