• In October 2023, Saudi Arabia witnessed a substantial 17% year-on-year decrease in total exports, marking a decline from 126 billion riyals to 104 billion riyals ($27.7 billion). This downturn was chiefly propelled by a notable 18% drop in oil exports, amounting to SAR 82.3 billion. However, there was a slight uptick of SAR 15 million in oil exports compared to the preceding month, showcasing a nuanced trend in the Kingdom's economic dynamics. The share of oil exports in the overall export landscape diminished from 79.7% in October 2022 to 78.9% in October 2023.

• On the non-oil front, including re-exports, there was a 14% year-on-year reduction in October, with non-oil exports reaching SAR 22 billion in comparison to SAR 25.6 billion during the same period in 2022. Simultaneously, total merchandise imports surged by 12%, amounting to SAR 73.9 billion, up from SAR 66.3 billion in October 2022. Despite the decline in the trade balance from SAR 41 million in the prior month to SAR 30 billion, these trade dynamics underscore the intricate interplay between oil and non-oil sectors in Saudi Arabia, reflecting the broader global economic shifts.