Today, the General Authority for Statistics (GASTAT) revealed that the Kingdom of Saudi Arabia's non-oil exports (including re-exports) witnessed a remarkable 29.4% year-on-year increase in Q1 2022, reaching $20.7+ billion from $16 billion in Q1 2021. However, the non-oil exports experienced a decline of $1.1+ billion or 5.4% compared to the previous quarter (Q4 2021).
The International Trade reports on the First Quarter and March 2022 from GASTAT indicated that non-oil exports (including re-exports) in March 2022 exhibited a substantial 25.4% year-on-year growth, reaching $7.5+ billion from $5.9+ billion in March 2021.
As a result of the higher increase in non-oil exports (29.4%) than in imports (12.5%) during that period, the ratio of non-oil exports to imports increased to 49.6% in Q1 2022 from 43.1% in Q1 2021.
Merchandise imports also saw an increase of $4.6+ billion or 12.5% in Q1 2022, totaling $41.8+ billion compared to $37.1+ billion in Q1 2021. Additionally, imports rose by $2.1+ billion or 5.5% compared to the previous quarter (Q4 2021).
In March, oil exports experienced a significant surge of $16.7+ billion or 123.0%.
According to the report, overall merchandise exports in March 2022 saw an impressive 93.2% increase compared to March 2021, with the value of exports reaching $37.9 billion, up from $19.6+ billion in March 2021.
The value of imports in March 2022 amounted to $14.7+ billion, compared to $13.4 billion in March 2021.