Saudi Arabia’s non-oil exports fell by over 24% year-on-year (YoY) in December 2022 to reach SAR22.7 billion riyals ($6.05 billion), data released by the General Authority for Statistics on Tuesday showed.

Total exports during the month increased 1.1% YoY to SAR108.2 billion. This was due to higher oil exports, which rose by 11%, or SAR8.5 billion.

Non-oil exports mainly comprised chemical and allied industries, accounting for 36% of the total non-oil merchandise exports.

However, compared to November 2022, total merchandise exports decreased by SAR4.6 billion or 4.%.

Meanwhile, total merchandise imports increased by 17% in December to SAR62.2 billion compared to SAR53.2 billion in the same period last year, giving the country a positive trade balance of SAR46 billion.

According to recent data from the Joint Organizations Data Initiative (JODI), the kingdom’s crude exports grew 157,000 barrels per day (b/d).