Saudi Arabia's exports of goods increased by 48.9% to $410 billion in 2022

Business
Jun 01 2023 04:07 PM
ANIKET DIXIT

Riyadh: According to the most recent report made public by the General Authority for Statistics, Saudi Arabia's merchandise exports increased 48.9 percent year over year in 2022 to reach SR1.54 trillion ($410 billion), driven by an increase in oil exports.

According to the GASTAT report, the Kingdom's oil exports increased by 61.8 percent in 2022 to SR1.22 trillion from SR758.1 billion. The report also mentioned how oil exports increased from 73.2 percent of total exports in 2021 to 79.5 percent in 2022.

The Kingdom's non-oil exports and re-exports increased 13.7% to SR315.7 billion in 2022 from SR277.5 billion in 2021, reflecting the progress of Saudi Arabia's economic diversification journey.

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In comparison to 2021, its non-oil exports, excluding re-exports, increased by 14.8% in 2022.

Chemicals and related products, which made up 35.8% of all exports in 2022, were the most significant non-oil export goods, the report claims.

According to the GASTAT report, the Kingdom's imports of goods increased by 24.2 percent in 2022 to SR712 billion from SR573.2 billion.

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Saudi Arabia continued to trade with China the most in 2022, sending the Asian giant SR249.9 billion, or 16.2% of total exports, in goods.

India and Japan came in second and third, respectively, with SR157.2 billion and SR152.9 billion of the total exports going to China.

Other nations in the top 10 destinations for Saudi Arabian exports included South Korea, the US, the UAE, Egypt, Taiwan, Singapore, and Bahrain.

According to GASTAT's report, the Kingdom's exports to these nations totaled SR1.02 trillion, or 66.2 percent of all exports.
The US and the UAE came in second and third, with SR65 billion and SR45.1 billion, respectively, in terms of imports from China in 2022.

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The other nations that made up the top ten for imports were Switzerland, Germany, Japan, Egypt, South Korea, India, and Japan.
These nations contributed SR435.8 billion in imports to Saudi Arabia, or 61.2 percent of all imports.

The Jeddah Islamic Port topped the list of ports through which goods entered the Kingdom in 2022 with a value of SR195.6 billion, or 27.5 percent of all imports, according to the report.