Saudi Arabia’s NDMC closes issuance of sukuk worth $920m

Saudi Arabia’s NDMC closes issuance of sukuk worth $920m
Saudi Arabia’s NDMC closes issuance of sukuk worth $920m

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s oil export value rose by 11.8 percent to SR9.5 billion ($2.53 billion) in November 2022, compared to the same month in 2021, according to the latest data released by the General Authority for Statistics. 

In its report, GASTAT noted that the Kingdom’s overall merchandise exports increased 3.6 percent year-on-year in November 2022. 

The total value of overall merchandise exports in November 2022 amounted to SR12.8 billion, up from SR108.8 billion in the same month of the previous year.  

“The share of oil exports in total exports increased from 74.0 percent in November 2021 to 79.8 percent in November 2022,” said GASTAT in the report. 

According to the report, Saudi Arabia’s non-oil exports including re-exports decreased by 19.7 percent to SR22.7 billion in November 2022, compared to the same month in 2021. 

The GASTAT report further pointed out that the Kingdom’s non-oil exports excluding re-exports also decreased by 18 percent year-on-year in November 2022.  

The report added that Saudi Arabia’s overall merchandise imports increased by 26.5 percent to SR62.7 billion in November 2022. 

The GASTAT report revealed that the most imported merchandise in November were machinery, mechanical appliances, and electrical equipment parts, which accounted for 20.4 percent of total merchandise imports.

In November 2022, exports to China amounted to SR20.6 billion or 18.3 percent of total export, making the Asian giant the main destination for exports from Saudi Arabia, the report added. 

China was followed by Japan and India with SR11.7 billion and SR10.3 billion of the total exports, respectively.

South Korea, the US, the UAE, Egypt, the Netherlands, Poland, and Bahrain were the other countries included in the top 10 list for Saudi Arabia’s exports. 

As for Saudi imports, China also took the lead with its imports amounting to 23 percent of the total during that period reaching SR14.4 billion.

The US followed with imports at SR6.2 billion, or 9.8 percent of Saudi imports, in November 2022. The UAE came in third with SR3.3 billion worth of imports accounting for 5.3 percent of the total, showed the report.  

Jeddah Islamic Sea Port topped the list of ports through which goods reached the Kingdom at a value of SAR16.8 billion, corresponding to 26.8 percent of the total imports. 

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