Saudi Arabia's merchandise exports declined, during last June, by 39.7 percent on an annual basis, with a decline in its oil and non-oil exports.
Data from the Saudi General Authority for Statistics, Thursday, showed that the value of merchandise exports during the month of June declined to 88.8 billion Saudi riyals ($23.7 billion), compared to about 147 billion riyals in June 2022.
The authority attributed the decline in commodity exports to the decrease in oil exports by 44.5 billion riyals, or 38.3 percent, to reach 71.9 billion riyals last June, compared to 116.4 billion riyals a year ago.
Non-oil exports, including re-exports, declined by 45 percent in June 2023, to record 16.9 billion riyals, compared to 30.7 billion riyals in June last year.
Saudi oil exports were affected, with the entry into force of the voluntary oil production cut of 500,000 barrels per day, beginning in May, as part of the cuts announced by the Kingdom and other oil producers in the OPEC + alliance, by more than one million barrels per day, as of the beginning of May. The Kingdom in this reduction half a million barrels per day.
And Saudi Arabia returned and announced an additional voluntary cut of one million barrels per day, starting from the beginning of July, so that the total voluntary reduction of the Kingdom would be 1.5 million barrels per day, which will continue next September, with the possibility of extending and deepening it.
On the other hand, Saudi Arabia's merchandise imports declined in June by 17.1 percent, as the value of imports recorded 51.4 billion riyals last June, compared to 62.1 billion riyals a year ago.
