In April, Saudi Arabia experienced a decline of 4.2 percent in oil exports compared to the previous year, according to data from the General Authority for Statistics. However, non-oil exports saw a significant increase of 12.4 percent during the same period. Despite this, overall merchandise exports declined by 1 percent compared to the previous year.
The kingdom also saw a decrease of 1.3 percent in imports in April compared to the previous year. China emerged as Saudi Arabia’s top export destination, accounting for 16.6 percent of total exports, followed by Japan and India. Interestingly, China was also the leading source of imports for Saudi Arabia in April, making up 22.4 percent of total imports, followed by the United States and India.
These figures indicate a shifting landscape in Saudi Arabia’s trade relationships, with China playing a significant role in both exports and imports. It will be interesting to see how these trends continue to develop in the future as Saudi Arabia continues to diversify its economy beyond oil and gas production.
