Apr 24, 2024 (MENAFN via COMTEX) --
(MENAFN) Official data released by the Saudi General Authority for Statistics revealed a 2 percent decrease in merchandise exports in Saudi Arabia during February 2024, totaling 95 billion riyals (approximately 25.4 billion dollars). This figure marks a decline from the 97 billion riyals recorded in February 2023.
The decrease in merchandise exports in February 2024 was primarily attributed to a 3.8 percent decline in petroleum exports, which amounted to 73.16 billion riyals. Consequently, the percentage of petroleum exports as a proportion of total exports in February 2024 decreased to 77 percent, compared to 78.4 percent in the corresponding month of the previous year.
Despite the downturn in petroleum exports, non-oil exports, including re-exports, experienced a positive trend, recording a 4.4 percent increase compared to February 2023. However, national non-oil exports, excluding re-exports, witnessed a decrease of 4.1 percent, amounting to 15 billion riyals.
Additionally, the value of re-exported goods surged by 32.3 percent during the same period, contributing to the overall dynamics of merchandise exports in February 2024. While the decline in petroleum exports exerted downward pressure on total exports, the diversification efforts in the non-oil sector, including the growth in re-exports, partially mitigated the impact of the decrease in petroleum exports.
These insights underscore the ongoing efforts of Saudi Arabia to diversify its economy and reduce dependence on oil exports. While challenges persist in the petroleum sector, the resilience and growth in non-oil exports signal potential opportunities for further economic diversification and expansion of export capabilities in the kingdom.
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COMTEX_451362444/2604/2024-04-24T17:53:04
