Saudi Arabia’s merchandise imports hiked by 20.9% in May 2023 to SAR 67.7 billion ($18.05 billion), compared to SAR 56 billion in the year-ago period.
On a quarterly basis, the General Authority for Statistics (GASTAT) reported that the Kingdom’s imports in May jumped by SAR 9.8 billion or 16.9% compared to April 2023.
However, the official data highlighted that Saudi Arabia’s overall merchandise exports plunged by 32.1% in May to SAR 97.1 billion, versus SAR 143 billion in May 2022.
GASTAT attributed this fall in export value to a dip in oil exports, which retreated by SAR 43.5 billion or 37.75% to SAR 72 billion in May 2023 from SAR 115 billion in the same month of the previous year.
Earlier this month, Saudi Arabia’s crude oil exports in May decreased to 6.93 million barrels per day (bpd) from 7.32 million bpd in April, according to the International Energy Forum (IEF).
