https://arab.news/86e4v
RIYADH: Saudi Arabia showcased resilience in its trade performance as merchandise exports for June 2023 reached SR88.8 billion ($23.67 billion), adapting to a 39.7 percent adjustment from SR147.1 billion in the corresponding period last year, official data showed.
The report released by the General Authority for Statistics revealed that this strategic recalibration in exports was driven by Saudi Arabia’s decision to align with the agreement made by the Organization of the Petroleum Exporting Countries, and its allies, known as OPEC+, to reduce oil output to maintain market stability.
Despite a 38.3 percent decrease in oil exports from June 2022, Saudi Arabia’s oil shipments accounted for SR71.9 billion in June 2023, reflecting the Kingdom’s commitment to equilibrium.
In April, OPEC+ decided to make a temporary reduction in global oil production, with Saudi Arabia voluntarily trimming output by 500,000 barrels per day.
Building on this commitment, Saudi Arabia implemented an additional 1 million bpd cut in June, a practice extended throughout July, August and September.
The diversification efforts echoed positively in Saudi Arabia’s trade landscape, even as non-oil exports, including re-exports, adapted to a 45 percent year-on-year shift in June, equaling SR16.9 billion. In tandem, non-oil exports, excluding re-exports, experienced a 46.1 percent decline.
Simultaneously, Saudi Arabia’s merchandise imports showcased adaptability, registering a 17.1 percent decrease in June 2023, reporting SR51.4 billion compared to SR62.1 billion in the same period the previous year.
The GASTAT report highlighted that chemical and allied products were the most imported merchandise in June 2023, constituting 29.1 percent of total non-oil imports.
China emerged as Saudi Arabia’s primary merchandise trading partner in June, with exports to the Asian nation amounting to SR13.7 billion, or 15.5 percent of the total. South Korea and India followed closely with SR8.1 billion and SR7.7 billion of the total exports, respectively.
Japan, the US, the UAE, Egypt, Malaysia, France, and Singapore also featured in the top 10 destinations for Saudi exports.
On the import side, China held the lead, accounting for 19.5 percent or SR10 billion in imports in June 2023. It was followed by the US and the UAE, with imports valued at SR4.3 billion and SR3.6 billion, respectively.
The GASTAT report further noted that the Jeddah Islamic Port ranked as the highest entry point for goods into the Kingdom in June, with a value of SR12.9 billion, constituting 25.1 percent of the overall imports.