Riyadh - Mubasher: Saudi merchandise exports jumped by 58.80% year-on-year (YoY) in July 2022 to SAR 140.80 billion from SAR 88.70 billion, according to the General Authority for Statistics’ (GaStat).
The annual leap was mainly attributed to a 68.90% hike in oil exports after their share in total exports soared to 81.10% last July from 76.20% in July 2021.
Month-on-month (MoM), the total merchandise exports declined by SAR 7.60 billion (5.10%) in July 2022 from SAR 148 billion in June this year.
Meanwhile, non-oil exports enlarged by 26.40% YoY in July 2022 to SAR 26.70 billion from SAR 21.10 billion, while they plummeted by SAR 4 billion (13.10%) when compared to June 2022.
The value of merchandise imports also increased by SAR 8.50 billion (18.30%) YoY in July 2022 to SAR 55.10 billion from SAR 46.60 billion, while it fell by SAR 5.80 billion (9.50%) MoM from SAR 61 billion in June.
Additionally, the ratio of non-oil exports to imports rose to 48.30% in July 2022 from 45.2% in the same month a year earlier, backed by a 26.40% growth in non-oil exports and an 18.30% surge in imports.
China was the top importer of Saudi exports with SAR 22.10 billion, followed by South Korea and India with SAR 16 billion and SAR 14 billion, respectively.
Earlier this month, GaStat data showed that the Kingdom’s Industrial Production Index (IPI) went up by 17.7% YoY in July 2022.
