Saudi Arabia’s Oil Exports Witnessed 14.9% Decline in Q1 2023, Reveals General Authority for Statistics
According to the report by the General Authority for Statistics, Saudi Arabia experienced a significant decline in oil exports during the first quarter. The value of oil exports dropped by 43.1 billion riyals, marking a 14.9% decrease from about 288.5 billion riyals in the same period last year to approximately 245.4 billion riyals. The data further reveals a 14.6% year-on-year decrease in merchandise exports, totaling around 313.5 billion riyals compared to about 367.1 billion riyals in the first quarter of 2022.
Non-petroleum exports, including re-exports, also witnessed a decline of 13.3% in Q1 2023, amounting to 68.1 billion riyals compared to 78.6 billion riyals in the corresponding quarter of 2022. However, imports showed an 18.1% increase in Q1 2023, reaching approximately 186.4 billion riyals compared to about 157.9 billion riyals in Q1 2022, while imports decreased by 4.9% on a quarterly basis.
