Saudi Cabinet approves MoU with Turkiye in field of energy

Saudi Cabinet approves MoU with Turkiye in field of energy
Saudi Cabinet approves MoU with Turkiye in field of energy

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s trade volume in October increased about 7 percent to SR178 billion ($47.45 billion) compared to SR167 billion in September, according to government data.    

The General Authority of Statistics reported that total merchandise exports in October saw a slight increase of SR15 million or 0.01 percent compared to the previous month.   

However, the overall merchandise exports in October declined by 17.4 percent to SR104.3 billion compared to SR126.2 billion in the same month last year.    

“This decrease originated mainly from oil exports, which fell by SR18.4 billion or 18.3 percent in the same period,” the GASTAT report stated.  

Moreover, the share of oil in total exports decreased to 78.9 percent in October from 79.7 percent in the same month last year.  

Similarly, non-oil exports, including re-exports, decreased by 13.9 percent to SR22 billion in October from SR25.6 billion in the year-ago period. 

Chemical and allied industries products, a crucial category in non-oil export goods, reported an annual decline of 31.9 percent in October to SR6.96 billion, commanding 31.6 percent of non-oil export goods.  

Exports of plastic and rubber goods declined by 6.9 percent to SR6.02 billion, holding 27.3 percent of the total pie. 

The report further highlighted that exports to China amounted to SR19.5 billion, making it the main destination for the Kingdom’s exports, controlling 18.7 percent of Saudi exports.  

Japan and India followed next with SR2.3 billion and SR10.2 billion, respectively. South Korea, the UAE, the US, Taiwan, Bahrain, Poland, and Egypt were the other countries ranking in the top 10 destinations, the report stated. 

In October, merchandise imports increased by 11.5 percent to SR73.9 billion from SR66.3 billion in the year-ago period, also rising by 17.5 percent or SR11 billion compared to September, the report found. 

Machinery, mechanical appliances, and electrical equipment were the most imported goods in October, comprising 22.3 percent of total merchandise imports. 

This category saw a 21.8 percent rise in October to SR16.49 billion compared to SR12.75 billion in the same month last year. 

The overall trade data provides valuable insights into the economic landscape of Saudi Arabia, demonstrating its resilience, diversification efforts, and global trade connections. 

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