Saudi Arabia’s merchandise exports up 1.1% in December 2022

Saudi Arabia’s merchandise exports up 1.1% in December 2022

Riyadh – Mubasher: The Saudi merchandise exports rose by 1.10% YoY in December 2022 to SAR 108.20 billion from SAR 107 billion, based on data from the General Authority for Statistics (GaStat).

The growth was mainly backed by an annual increase of SAR 8.50 billion (11.10%) in oil exports to SAR 85.50 billion last December when compared with SAR 77 billion.

Meanwhile, the share of oil exports in total exports levelled up to 79% in December 2022 from 71.90% during the same month a year earlier.

Month-on-month (MoM), December’s total merchandise exports retreated by SAR 4.60 billion (4%) when compared with November 2022.

Non-oil exports decreased by 24.40% YoY in December 2022 to SAR 22.70 billion from SAR 30.10 billion, while they edged down by SAR 400,000 (0.20%) MoM when compared to November.

The value of merchandise imports also increased by SAR 9 billion (16.90%) YoY in December 2022 to SAR 62.20 billion from SAR 53.20 billion, whereas they witnessed a monthly drop of SAR 2.40 billion (3.70%).

The ratio of non-oil exports to imports plunged to 36.50% in December 2022 from 56.50% in the same month a year earlier, driven by a 24.40% decline in non-oil exports and a 16.90% rise in imports.

Meanwhile, China was