Saudi Arabia’s imports touch $18bn in May: GASTAT

Saudi Arabia’s merchandise imports increased 20.9 percent in May 2023 to SR67.7 billion ($18.05 billion), compared to the same month a year ago when imports amounted to SR56 billion, according to official data.

The data released by the General Authority for Statistics noted that the Kingdom’s imports in May also rose SR9.8 billion or 16.9 percent compared to April 2023.

The report, however, revealed that Saudi Arabia’s overall merchandise exports decreased 32.1 percent in May to SR97.1 billion, down from SR143 billion in May 2022.

According to GASTAT, this fall in export value was mainly driven by a dip in oil exports, which fell SR43.5 billion or 37.7 percent to SR72 billion in May 2023 from SR115 billion in the same month of the previous year.