Saudi Arabia's non-oil exports reach $6 billion, up 2.5% in November

Saudi Arabia's non-oil exports, including re-exports, rose by 2.5% from October 2023 to SR22.6 billion ($6.03 billion), according to official figures.

According to government figures, Saudi Arabia's non-oil exports, including re-exports, increased by 2.5 % to SR22.6 billion ($6.03 billion) in November 2023 from the previous month.

November's total merchandise exports from the Kingdom fell 15.6% year over year to SR95 billion, according to a recent announcement from the General Authority for Statistics. The reduction in crude output is attributed to Saudi Arabia's resolve to comply with the resolution of OPEC+, the Organization of the Petroleum Exporting Countries, and its allies.

OPEC+ had decided to reduce oil production by 1.2 million barrels per day beginning in April 2023 in order to preserve market stability. Saudi Arabia agreed to cut its output by 500,000 barrels per day as part of these cutbacks, and this commitment has been extended through December 2024.

In addition, the Kingdom imposed a further 1 million bpd output cut in June that remained in effect until December 2023.

The GASTAT report states that in November 2023, Saudi Arabia's oil exports decreased by SR17.5 billion, or 19.4%, on an annual basis. The overall value of merchandise exports fell by SR9.3 billion, or 8.9%, from October 2023 to that same month.

However, November showed a 3.7% yearly increase in the Kingdom's merchandise imports, totaling SR67.1 billion. However, when compared to the prior month, imports fell by 9.1% in November.