Saudi Arabia’s non-oil exports rose 12.4% YoY in April, according to figures by the General Authority for Statistics.
Numbers
The data showed a 4.2% decline in oil exports compared to April 2023, leading to a 1% drop in total merchandise exports.
This decline is on the back of the OPEC+ agreed-upon oil production cuts.
So What
The Saudi trade balance surplus in April was approximately SAR 42 billion, representing a 0.5% decline. However, the balance rose 36% on a monthly basis.
Some Context
China once again dominated Saudi exports, accounting for 16.6% of total volumes, followed by Japan and India.
It’s also ranked first in Saudi imports in April, constituting 22.4% of total volumes, followed by the United States and India.
