Saudi non-oil exports shrunk by 12.5% y/y to SAR15.03bn ($4.01bn), while imports fell by 16.7% y/y to SAR47.21bn ($12.59bn) in November, reported a monthly bulletin of the Central Department for Statistics and Information.
The year-on-year drop in non-oil exports in November was driven by a 18.2% y/y fall in exports of plastics, rubbers and related products to SAR4.61bn; a 15.1% y/y drop in exports of chemicals and related products to SAR4.42bn; an 22% y/y contraction in exports of base metals to SAR1.22bn; a 29% m/m plunge in exports of electrical equipment and parts to SAR890mn; a 12% y/y slide in exports of food and beverages products to SAR489mn. While exports of transportation equipment and parts rose by 32% y/y to SAR1.43bn.
About 37.4% of Saudi exports in November were destined to United Arab Emirates (SAR2.15bn), China (SAR1.41bn), Singapore (SAR743mn), Egypt (SAR663mn) and United States of America (SAR657mn), in that order.
Meanwhile, Saudi imports declining by 16.7% y/y to SAR47.21bn in November. The slide in exports was broad-based with falling import categories, including, electrical equipment and parts dropping by 16.1% y/y to SAR13.22bn; chemicals and related products falling by 10.7% y/y to SAR4.4bn; base metals and products plunged by 25.8% y/y to SAR4.12bn; agricultural products diving by 23% y/y to SAR1.91bn; livestock and products falling by 10% y/y to SAR1.71bn; plastics, rubbers and products plummeting by 19.2% y/y to SAR1.49bn.
The widespread decline in exports was partly mitigated by exports of transportation equipment and parts as well as precious metals and stones remaining virtually flat.
Over 47% of Saudi non-oil imports were sourced from United States (SAR6.81bn), China (SAR6.14bn), Germany (SAR3.51bn), Japan (SAR3.12bn) and South Korea (SAR2.84bn), in that order.
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