RIYADH, March 26 (Xinhua) -- Saudi Arabia announced Tuesday a decline in the share of oil exports in total exports from 77.6 percent in January 2023 to 74.8 percent in January 2024.

According to a report released by the Saudi General Authority for Statistics on Tuesday, overall merchandise exports saw a year-on-year decrease of 10.3 percent in January 2024, amounting to 95 billion Saudi Riyals (25.33 billion U.S. dollars).

The decrease was primarily attributed to a 13.5 percent drop in oil exports during the same period.

Non-oil exports, including re-exports, increased by 0.8 percent compared to January 2023. However, non-oil exports, excluding re-exports, decreased by 11.5 percent as re-exports rose by 42.6 percent in the same period.

China was the main destination for Saudi Arabia's exports, accounting for 15 percent of total exports, followed by South Korea at 10.3 percent, and Japan at 10.1 percent, according to the report.

Exports from the Kingdom to its top 10 destinations collectively account for 69.5 percent of total exports.

In January 2024, imports from China comprised 20.4 percent of total imports, establishing the country as the primary source of the Kingdom's imports. It was followed by 7.8 percent from the U.S. and 6.7 percent from the United Arab Emirates.

Imports to the Kingdom from its top 10 origins accounted for 63.9 percent of total imports, according to the report. Enditem

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