Saudi merchandise exports drop 32.1% in May 2023

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RIYADH — Saudi merchandise exports recorded a decrease of SR45.9 billion, or 32.1%, in May 2023, compared to the same month in 2022, according to a report by Saudi Arabia's General Authority for Statistics (GASTAT).

Merchandise exports decreased to SR97.1 billion in May 2023 from SR143.0 billion a year earlier, the report said.

The monthly GASTAT bulletin revealed that the value of petroleum exports in May 2023 also witnessed a drop of SR43.5 billion, or 37.7%, from SR115.5 billion recorded in May 2022. The authority said the decline in oil exports had the greatest impact on commodity exports.

As for the value of non-oil exports, which included re-exports, it amounted to SR25.1 billion, compared to SR27.5 billion in May of last year - a decrease of SR2.4 billion, or 8.7%.

Meanwhile, the value of merchandise imports to Saudi Arabia recorded an increase of SR11.7 billion, or 20.9% in May 2023, reaching SR67.7 billion, compared to SR56.0 billion in the same month a year ago.

GASTAT is the only official reference for statistical data and information on Saudi Arabia, which carries out all statistical work, most notably technical supervision of the statistical sector, statistical studies and research, data and information analysis, and much more.