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Business & Money | Thursday 20 June, 2024 5:48 am |
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Saudi merchandise imports rise to SAR 201.1B in Q1 2024

Saudi Arabia’s merchandise imports grew by 6% year-on-year (YoY) to almost SAR 201.1 billion in Q1 2024, according to data issued by the General Authority for Statistics (GASTAT).


On a quarterly basis, merchandise imports fell by 0.3%, or nearly SAR 650.2 million.

 

The following table illustrates the Saudi merchandise imports since 2017: 

 

Saudi Merchandise Imports Since 2017
Period

Value (SAR bln)

Change YoY

Q1 2017

125.72

--

Q2

126.71

--

Q3

123.85

--

Q4

128.16

--

Q1 2018

126.06

+0.3%

Q2

133.02

+5%

Q3

128.02

+3%

Q4

126.90

(1%)

Q1 2019

132.19

+5%

Q2

151.82

+14%

Q3

145.45

+14%

Q4

144.90

+14%

Q1 2020

132.38

+0.1%

Q2

124.85

(18%)

Q3

123.03

(15%)

Q4

137.23

(5%)

Q1 2021

139.39

+5%

Q2

140.42

+12%

Q3

144.76

+18%

Q4

148.61

+8%

Q1 2022

157.90

+13%

Q2

175.35

+25%

Q3

182.81

+26%

Q4

195.97

+32%

Q1 2023

188.95

+20%

Q2

190.35

+9%

Q3

194.99

+7%

Q4

201.73

+3%

Q1 2024

201.08

+6%

*Data are periodically updated

 

 

Machinery and mechanical appliances, electrical equipment, and parts thereof dominated 23% of total imports. Vehicles, aircraft, vessels, and associated transport equipment came in second with 13%.

 

The following table illustrates Saudi merchandise in Q1 2024 by segment:  

 

Saudi Imports Value in Q1 2024 (SAR bln)
Segment

Q1 2023

Q1 2024

Change

Change (%)

Machinery and Mechanical Appliances; Electrical Equipment and Parts Thereof

40.09

45.63

+5.54

+14%

Vehicles, Aircraft, Vessels and Associated Transport Equipment

26.78

26.17

(0.61)

(2%)

Products of Chemical or Allied Industries

18.27

18.63

+0.36

+2%

Base Metals and Articles of Base Metals

16.63

18.21

+1.58

+10%

Mineral Products

13.74

14.22

+0.49

+4%

Natural or Cultured Pearls, Precious or Semi-Precious Stones, Precious Metals

6.22

11.68

+5.46

+88%

Food Industry Products, Beverages, Alcoholic Liquids and Vinegar, Tobacco and Manufactured Tobacco Substitutes

9.53

10.04

+0.51

+5%

Vegetable Products

11.00

9.72

(1.28)

(12%)

Live Animals and Animal Products

6.27

7.19

+0.92

+15%

Textile products

7.00

6.92

(0.07)

(1%)

Others

33.43

32.67

(0.77)

(2%)

Total

188.95

201.08

+12.13

+6%

China topped the Kingdom's list of exporting countries with SAR 41.9 billion, accounting for 21% of total imports in Q1 2024. The US and the UAE followed, at 8% and 7%, respectively.

                                                                 

Top 10 Exporters to Saudi Arabia in Q1 2024 (SAR bln)
Countries

Value

% of Total

China

41.9

20.9%

US

16.2

8.1%

UAE

13.6

6.8%

India

13.1

6.5%

Egypt

8.2

4.1%

Switzerland

7.8

3.9%

Germany

7.5

3.7%

Japan

6.9

3.5%

Italy

6.1

3.1%

South Korea

6.0

3.0%

Other Countries

73.6

36.6%

Total

201.1

100.0%

 

source ; Argaam 

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