In July, Saudi Arabia’s merchandise exports remained steady at $24.34 billion, demonstrating resilience amidst global economic challenges, according to official data from GASTAT. However, compared to June, there was a slight decrease of 0.4 percent
The General Authority for Statistics reported a significant 34.9 percent drop in Saudi Arabia’s overall merchandise exports in July compared to the same month in 2022. This decline was primarily attributed to reduced oil exports, as part of the OPEC+ agreement to stabilize the market.
Specifically, the GASTAT report highlighted a 37.9 percent decrease in the Kingdom’s oil exports in July, totaling SR70 billion compared to the previous year. Consequently, the proportion of oil in total exports decreased from 80.6 percent in July 2022 to 76.8 percent in the same month this year.
In April, OPEC+ had decided to cut oil output by 1.2 million barrels per day, with Saudi Arabia committing to reduce its output by 500,000 bpd. Subsequently, in June, the Kingdom i