GASTAT reports May 2023 merchandise exports reached SAR97.1 billion
Riyadh, August 01, 2023, According to the latest International Trade Report released by the General Authority for Statistics (GASTAT), merchandise exports in May 2023 reached SAR97.1 billion. This figure represents a significant decline of SAR45.9 billion, or 32.1%, compared to May 2022, when exports amounted to SAR143.0 billion. In a recent report, it was revealed that the value of oil exports in May 2023 stood at SAR 72.0 billion, marking a significant decline from the SAR 115.5 billion recorded in May 2022. This represents a substantial decrease of SAR43.5 billion, equivalent to a staggering 37.7% drop in value. The primary factor behind the decline in merchandise exports was the downturn in non-oil exports. In May 2023, the value of non-oil exports, which includes re-exports, reached SAR 25.1 billion. This figure represents a decline of SAR2.4 billion, or 8.7%, compared to May 2022, when non-oil exports amounted to SAR27.5 billion. In a remarkable turn of events, the value of merchandise imports in Saudi Arabia witnessed a significant surge in May 2023. According to official data, the imports reached an impressive SAR67.7 billion, surpassing the previous year's figure of SAR56.0 billion by a staggering SAR11.7 billion. This represents a remarkable increase of 20.9%, highlighting the nation's growing appetite for foreign goods. In Saudi Arabia, when it comes to statistical data and information, there is only one official reference: GASTAT. In addition to providing technical oversight of the statistical sector, it is responsible for carrying out all statistical work. In addition to its core functions, the organization is responsible for the design and execution of field surveys, statistical investigations, and comprehensive research endeavors. It diligently examines and evaluates data and information, meticulously documenting and preserving all findings pertaining to various facets of life within the Kingdom of Saudi Arabia. In a remarkable display of technological prowess, a cutting-edge system has emerged that possesses the ability to gather, classify, and meticulously analyze vast amounts of data. This groundbreaking innovation goes beyond mere data processing, as it also possesses the capability to extract crucial indicators from the collected information.