Saudi trade surplus keeps steady in 4Q 2023

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Saudi Gazette report

RIYADH โ€” The Saudi commerce surplus maintained its steadiness within the fourth quarter of 2023, recording SR97 billion ($25.8 billion), in comparison with the third quarter of final yr. The commerce surplus amounted to about SR39 billion in December 2023, in opposition to SR44 billion in December 2022, a lower of 11.4 p.c, in response to the most recent figures issued by the Basic Authority for Statistics (GASTAT).

The report confirmed that merchandise exports recorded a lower of 14.4 p.c within the fourth quarter, in comparison with the identical interval in 2022. Its worth is amounted to SR297.9 billion, down from SR348 billion within the fourth quarter of 2022, because of a decline in oil exports by SR49.2 billion or 17.8 p.c to succeed in SR226.8 billion. The proportion of oil exports out of complete exports decreased from 79.3 p.c within the fourth quarter of 2022 to 76.1 p.c within the fourth quarter of 2023.

Non-oil exports recorded a lower of 1.2 p.c, with the worth of exports of chemical business merchandise, which represent one third of non-oil exports, declining by 18 p.c, whereas imports elevated by 2.8 p.c on an annual foundation, reaching SR201.4 billion.

The authorityโ€™s information confirmed a decline in merchandise exports by 9.7 p.c to about SR98.5 billion throughout final December, in comparison with about SR109.1 billion in December 2022, because of a lower in oil exports by 15.8 p.c, equal to about SR13.5 billion, reaching SR72 billion in December 2023, in comparison with about SR85.5 billion in December 2022.

Non-oil exports, together with re-exports in December 2023, recorded a rise of 12 p.c, amounting to SR26.5 billion, in comparison with SR23.6 billion throughout the identical interval final yr. Non-oil exports, excluding re-exports posted a lower of three p.c, whereas the worth of re-exports elevated to 88.2 p.c in the identical interval. The worth of non-oil exports, which embody re-exports, elevated by SR3.9 billion or 17.2 p.c, in comparison with November 2023.

Alternatively, Saudi Arabiaโ€™s imports decreased in December by 7.1 p.c, amounting to SR4.6 billion, and their worth reached SR60.4 billion, in comparison with SR64.9 billion in December 2022. The worth of imports additionally decreased10.1 p.c, reaching SR6.8 billion in comparison with the earlier month of November.

The ratio of non-oil exports, together with re-exports, to imports additionally elevated in December, reaching 43.8 p.c, in comparison with 36.4 p.c in December 2022, because of a 12 p.c improve in non-oil exports, in comparison with a 7.1 p.c lower in imports throughout this era.

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