Saudi Arabia’s non-oil exports, including re-exports, dropped by 19.7% year-on-year to $6 billion (SAR 22.7 billion) in November 2022, driven by declines in the chemical and allied industries.
Compared to October 2022, non-oil exports, including re-exports, fell 11.1%. A 3.6% year-on-year increase of $30 billion (SAR 112.8 billion) was seen in overall merchandise exports in November 2022, according to the General Authority for Statistics (GASTAT) data released Wednesday.
The share of oil exports in Saudi Arabia's total exports went up to 79.8% in November 2022, compared to 74% in November 2021. Compared to October 2022, total merchandise exports decreased by 7.1%. Merchandise imports increased by 26.5% or $3.5 billion (SAR 13.1 billion) in November 2022.
The most important non-oil export goods were products of the chemical and allied industries, which make up about 38.8% of the non-oil merchandise exports. This segment dropped by 0.7% during the month. Plastics and rubber, which make up 24.9% of the non-oil merchandise exports, fell by 31.5%.
Saudi Arabia’s exports to China during the period reached $5.5 billion (SAR 20.6 billion), which is 18.3% of its total exports, making the Southeast Asian nation the main destination for the kingdom’s exports. Japan and India followed next. The other top destinations include South Korea, the US, UAE, Egypt, the Netherlands, Poland, and Bahrain. Imports from China amounted to $3.8 billion (SAR 14.4 billion) (23% of total imports) in November 2022, making this country the main origin for imports from Saudi Arabia.
