Merchandise exports in the Kingdom of Saudi Arabia amounted to SR97.1 billion in May 2023, compared to SR143.0 billion in May 2022, a decrease of SR45.9 billion, or 32.1%, according to the International Trade Report of May 2023 of the Saudi General Authority for Statistics (GASTAT).
According to GASTAT's report carried by Saudi Press Agency (SPA), the value of oil exports in May 2023 amounted to SAR72.0 billion, compared to SR115.5 billion in May 2022, a decrease of SR43.5 billion, or 37.7%. Yet, the downturn in non-oil exports was the main driver of merchandise exports decline.
The value of non-oil exports (including re-export) in May 2023 amounted to SR25.1 billion, compared to SR27.5 billion in May 2022, a decrease of SR2.4 billion, or 8.7%.
On the other hand, the value of merchandise imports in Saudi Arabia in May 2023 amounted to SR67.7 billion, compared to SAR56.0 billion in May 2022, an increase of SR11.7 billion, or 20.9%.