RIYADH: Saudi Arabia's non-oil exports increased by 26.4 percent to SR26.7 billion ($6.94 billion) in July 2022 compared to the same period last year, according to the latest data released by the General Authority for Statistics.
The Kingdom’s non-oil exports were driven by chemical and allied industries that accounted for 35.9 percent of non-oil merchandise exports in July, GASTAT report stated.
The report further added that overall merchandise exports increased by 58.8 percent in July to SR140.8 billion, up from SR88.7 billion in July 2021.
The Kingdom's merchandise imports increased by 18.3 percent in July to SR55.1 billion compared to SR46.6 billion in the same period last year.
The report further added that the most imported merchandises were machinery and mechanical appliances, along with electrical equipment parts, which accounted for 17.8 percent of total merchandise imports.
Saudi Arabia witnessed a bigger increase of 26.4 percent in nonoil exports in July than imports of 18.3 percent over that period. This helped the Kingdom increase its ratio of non-oil exports to imports to 48.3 percent in July 2022 from 45.2 percent in July last year.
However, the ratio inched lower than its 50 percent value recorded in the previous month, in addition to recording its lowest number in the past six months.
China was on the top of the list of both exports and imports amongst Saudi Arabia's trading partners, according to the report.
In July, Saudi exports to China were worth SR22.1 billion, making up 15.7 percent of its total exports.
It was followed by South Korea and India, with both countries taking imports of SR16 billion and SR14 billion, respectively, from Saudi Arabia. Some other key countries that are featured in the list include Japan, the US, and the UAE.
Moving on to imports, Chinese goods amounted to SR12 billion or 21.8 percent of Saudi’s total imports in July.
The report added that the Kingdom's second and third highest imports came in from the US and the UAE, with the value of imported goods reaching SR4.2 billion and SR3.8 billion respectively.
Moreover, India, Germany, Switzerland, and Oman were among the top ten countries from where Saudi imported goods in July.
During this time, Saudi imports mainly came through the Jeddah Islamic Port, with other major ports being Dammam and Riyadh.