The Saudi trade surplus maintained its steadiness in the fourth quarter of 2023, recording SR97 billion ($25.8 billion), compared to the third quarter of last year. The trade surplus amounted to about SR39 billion in December 2023, against SR44 billion in December 2022, a decrease of 11.4 percent, according to the latest figures issued by the General Authority for Statistics (GASTAT).

The report showed that merchandise exports recorded a decrease of 14.4 percent in the fourth quarter, compared to the same period in 2022. Its value is amounted to SR297.9 billion, down from SR348 billion in the fourth quarter of 2022, as a result of a decline in oil exports by SR49.2 billion or 17.8 percent to reach SR226.8 billion. The proportion of oil exports out of total exports decreased from 79.3 percent in the fourth quarter of 2022 to 76.1 percent in the fourth quarter of 2023.

Non-oil exports recorded a decrease of 1.2 percent, with the value of exports of chemical industry products, which constitute one third of non-oil exports, declining by 18 percent, while imports increased by 2.8 percent on an annual basis, reaching SR201.4 billion.

The authority’s data showed a decline in merchandise exports by 9.7 percent to about SR98.5 billion during last December, compared to about SR109.1 billion in December 2022, as a result of a decrease in oil exports by 15.8 percent, equivalent to about SR13.5 billion, reaching SR72 billion in December 2023, compared to about SR85.5 billion in December 2022.

Non-oil exports, including re-exports in December 2023, recorded an increase of 12 percent, amounting to SR26.5 billion, compared to SR23.6 billion during the same period last year. Non-oil exports, excluding re-exports posted a decrease of three percent, while the value of re-exports increased to 88.2 percent in the same period. The value of non-oil exports, which include re-exports, increased by SR3.9 billion or 17.2 percent, compared to November 2023.

On the other hand, Saudi Arabia’s imports decreased in December by 7.1 percent, amounting to SR4.6 billion, and their value reached SR60.4 billion, compared to SR64.9 billion in December 2022. The value of imports also decreased10.1 percent, reaching SR6.8 billion compared to the previous month of November.

The ratio of non-oil exports, including re-exports, to imports also increased in December, reaching 43.8 percent, compared to 36.4 percent in December 2022, as a result of a 12 percent increase in non-oil exports, compared to a 7.1 percent decrease in imports during this period.

Saudi Gazette