Saudi Arabia’s non-oil exports (including re-exports) increased by 29.4% year-on-year in the first quarter (Q1) of 2022, rising to SR77.8 billion ($20.7 billion) from SR60.1 billion in Q1 2021 said the General Authority for Statistics (Gastat).

The non-oil exports decreased compared to the previous quarter (Q4 2021) by SR4.4 billion or 5.4%, reported Saudi Press Agency (SPA), citing Gastat’s International Trade reports on the First Quarter and March 2022.

The non-oil exports (including re-exports) increased by 25.4% year-on-year in March 2022, rising to SR28.2 billion from SR22.5 billion in March 2021.

The ratio of non-oil exports to imports increased to 49.6% in Q1 2022 from 43.1% in Q1 2021 as a result of a higher increase in non-oil exports (29.4%) than in imports (12.5%) over that period.

Merchandise imports increased by SR12.5% (SR17.4 billion) in Q1 2022. The value of imports amounted to SR156.8 billion in Q1 2022 compared to SR139.4 billion in Q1 2021. Imports also increased compared to the previous quarter (Q4 2021), by SR8.2 billion or 5.5%.

The oil exports in March rose by SR62.9 billion or 123%.

According to the report, the overall merchandise exports increased by 93.2% in March 2022 compared to March 2021. The value of exports amounted to SR142.2 billion in March 2022, up from SR73.6 billion in March 2021.

The value of imports amounted to SR55.2 billion in March 2022 compared to SR50.3 billion in March 2021.