Export activity within Saudi Arabia’s non-oil sector slowed down slightly in November 2023, according to the latest official data released on Wednesday.

The total value of non-oil exports, including re-exports, dipped by 0.7% to SAR 22.6 billion ($6 billion) during the month, the General Authority for Statistics (GASTAT) said in its report.

Compared to the previous month, data for November posted an increase of SAR 0.6 billion or 2.5%.

Overall merchandise exports recorded a bigger decline of 15.6% in November 2023 compared to a year earlier, owing to a nearly 20% drop in oil exports.

The value of exports for the month stood at SAR 95 billion, down from SAR 112.6 billion a year prior.

“This decrease originated mainly from oil exports, which fell by SAR 17.5 billion or 19.4% in the same period,” GASTAT said.

Exports to China reached SAR 16.1 billion, which accounted for 17% of total exports, making the country the main destination for Saudi exports, followed by Japan and India, which recorded SAR 10.5 billion and SAR 10.3 billion, respectively.

South Korea, UAE, Poland, United States, Bahrain, Malaysia and Singapore were also ranked in the top ten destinations, with exports to these countries amounting to SAR 64.8 billion.

(Writing by Cleofe Maceda; editing by Seban Scaria)