Saudi Arabias export of non-oil products recorded an increase of 14.85 percent, reaching SR18.85 billion in May

Non-oil exports from Saudi Arabia increased 14.85 percent in May this year, hitting SR18.85 billion compared to April. During the era, China emerged as the leading exporter and importer of Saudi items. According to a monitoring of Okaz/Saudi Gazette based on official reports, the export of non-oil items increased by SR2.44 billion in May compared to the previous month. Non-oil exports accounted for approximately 19.4 percent of overall exports.

Mineral product exports represented for 74.62 percent of overall exports, valued at SR72.48 billion, according to the monitoring. Chemical industry items contributed for 7.39 percent of total exports, totaling SR7.18 billion. Plastic and its products, as well as rubber and its products, contributed for 6.73 percent of total exports, worth SR6.54 billion.

According to the General Authority for Statistics (GASTAT), Saudi Arabia recorded a trade balance surplus for the 36th month in a row in May, with the value of the surplus equal to around SR29.46 billion and the volume of foreign trade amounted to SR164.81 billion. Imports climbed by 20.9 percent in May, totaling to SR11.7 billion, reaching a total value of SR67.7 billion, compared to SR56 billion in May 2022, while the value of imports increased by SR9.8 billion (16.9 percent) compared to April.

China is Saudi Arabia's largest trading partner, according to the monitoring. The value of the Kingdom's exports to China was SR16.9 billion, or 17.4 percent of total exports. China was followed by India, which had a value of SR9.1 billion (9.4%). Japan is third with 8.1 percent, accounting for 8.3 percent of total exports. South Korea, the United Arab Emirates, the United States of America, the Netherlands, Bahrain, Singapore, and Taiwan are among the top ten export destinations.

The overall value of the Kingdom's exports to the 10 nations was SR64.2 billion, accounting for 66.1 percent of total exports. The value of imports from China was SR15.7 billion, accounting for 23.2 percent of total imports, and it was followed by imports from the United States of America for SR5.7 billion, accounting for 8.4 percent of total imports.