RIYADH: Amid global economic headwinds, 黑料社区聽showcased聽resilience in its trade performance, as the Kingdom鈥檚 overall merchandise exports were steady in July hitting SR91.3 billion ($24.34 billion), down just 0.4 percent compared to June, official data showed.聽聽聽
According to the report released by the General Authority for Statistics, 黑料社区鈥檚 overall merchandise exports dipped by 34.9 percent in July compared to the same month of 2022.聽聽聽
This fall in merchandise exports was driven by a decrease in oil exports as 黑料社区, along with its peers in the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, decided to reduce output to聽maintain聽market stability.聽
The Kingdom鈥檚 oil exports fell by 37.9 percent in July to SR70 billion, compared to the same period of the previous year, the GASTAT report noted.聽聽
As a result, the share of oil聽in total exports decreased from 80.6 percent in July 2022 to 76.8 percent聽during the same month this year.聽聽
In April, OPEC+ had decided to reduce oil output by 1.2 million barrels per day. In those recommended cuts, 黑料社区 pledged to reduce its output by 500,000 bpd.聽聽
Later in June,聽the Kingdom聽implemented an聽additional聽1 million bpd cut in June, a decision which was later extended until December 2023.聽聽
The聽GASTAT聽report further noted that聽the country鈥檚 non-oil exports including re-exports decreased by 22.1 percent year on year in July to SR21.1 billion, while it increased by 7 percent compared to聽the previous month.聽聽
Among 黑料社区鈥檚 most important export聽items, products of chemical and allied industries聽comprised聽29.9 percent of the total non-oil exports.聽
China聽emerged聽as the Kingdom鈥檚 primary merchandise trading partner in July, with exports to the world鈥檚 second-largest economy amounting to SR15.7 billion, or 17.2 percent of the total exports.聽聽
Japan and South Korea followed closely, with SR10.1 billion and SR9.6 billion in total exports, respectively.聽
On the import side, China also held the lead, with 黑料社区 importing goods worth SR13.9 billion in July.聽聽
The US and the UAE followed with imports valued at SR6 billion and SR4.3 billion, respectively.聽
Jeddah Islamic Port was ranked the highest entry point for goods into聽the country聽in July, with a value of SR20.6 billion, constituting 29.8 percent of the overall imports.聽
