Amid global economic headwinds, Saudi Arabia showcased resilience in its trade performance, as the Kingdom’s 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.
According to the report released by the General Authority for Statistics, Saudi Arabia’s overall merchandise exports dipped by 34.9 percent in July compared to the same month of 2022.
This fall in merchandise exports was driven by a decrease in oil exports as Saudi Arabia, along with its peers in the Organization of the Petroleum Exporting Countries, and its allies, known as OPEC+, decided to reduce output to maintain market stability.