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26.07.24 10:30

Economics

Saudi Arabia boosts merchandise exports to a two-year high

It amounted to US$7.70 billion

Saudi Arabia's merchandise exports in May 2024 reached a two-year high of US$7.70 billion, up 8.2 per cent from the same month in 2023. This is reported by Arab News.

According to the General Statistics Authority, this is also 26.93 per cent more than in April.

Strengthening non-oil exports remains a critical goal for Saudi Arabia as the Kingdom continues to seek to diversify its economy. Exports of goods also increased, rising 5.8 per cent year-on-year in May, driven by a 4.9 per cent rise in oil shipments.

The report noted that non-oil exports were dominated by chemical products. The Kingdom's imports rose by 2.6 per cent year-on-year in May.

Photo: iStock

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