RIYADH: Saudi Arabia’s oil export value is set to increase by 11.8 percent to SR9.5 billion ($2.53 billion) in November 2022, according to the latest data released by the General Authority for Statistics.
GASTAT said in its report that the Kingdom’s total merchandise exports in November 2022 grew by 3.6 percent year-on-year.
The total value of total merchandise exports in November 2022 was SR12.8 billion, up from SR108.8 billion in the same month last year.
“The share of oil exports in total exports increased from 74.0 per cent in November 2021 to 79.8 per cent in November 2022,” GASTAT said in the report.
According to the report, Saudi Arabia’s non-oil exports are set to decline 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 are set to decline by 18 percent year-on-year in November 2022, excluding re-exports.
Saudi Arabia’s total merchandise imports are set to increase by 26.5 percent to SR62.7 billion in November 2022, the report said.
The GASTAT report showed that the most imported goods in November were machinery, mechanical equipment and parts of electrical equipment, accounting for 20.4 per cent of total merchandise imports.
In November 2022, exports to China stood at SR20.6 billion, or 18.3 percent of total exports, making the Asian giant the main destination for exports from Saudi Arabia, the report said.
China was followed by Japan and India with total exports of SR11.7 billion and SR10.3 billion respectively.
South Korea, the US, the United Arab Emirates, Egypt, the Netherlands, Poland and Bahrain were the other countries in the top 10 list for Saudi Arabia’s exports.
As far as Saudi imports are concerned, China also led the way with 23 percent of total imports during that period, reaching 14.4 billion Saudi riyals.
In November 2022, the US imported SR6.2 billion, or 9.8 percent of Saudi imports. The UAE ranked third with imports worth SR3.3 billion, accounting for 5.3 percent of the total, the report showed.
Jeddah Islamic Sea Port topped the list of ports through which goods reached the kingdom at a value of SAR16.8 billion, which accounts for 26.8 percent of total imports.