1. Expat Remittances Hit Record Levels
Remittances of money by expatriates have soared to the highest levels in two years, reaching SR12.91 billion in July 2024. This represents a significant increase of 21.47 percent, amounting to SR2.28 billion more than the SR10.63 billion recorded in July 2023.
2. Highest Remittances Since September 2022
This surge marks the highest level of foreign remittances since September 2022, with monthly remittance levels previously not exceeding SR12.9 billion, according to a recent report by the Saudi Central Bank (SAMA).
3. Saudi Remittances Show Modest Growth
Saudi remittances abroad recorded a slight annual growth, rising to SR5.81 billion, up from SR5.8 billion in July of the previous year. The average annual value of Saudi remittances reached SR61.95 billion, with a monthly average of SR5.16 billion.
4. Total Foreign Remittances in 2023
In 2023, the total value of foreign remittances amounted to SR126.83 billion, with an average monthly remittance of SR10.57 billion.
5. Saudi Imports in June 2024: A Decline
Saudi Arabia's total mercantile imports in June 2024 stood at SR57.7 billion, reflecting a 5 percent decrease compared to June 2023. The Kingdom's imports of goods dropped by SR16.7 billion (22 percent) in June compared to May 2024, according to data from the General Authority for Statistics.
6. Breakdown of Saudi Arabia's Imports
Machinery, mechanical devices, electrical equipment, and their parts comprised 25 percent of Saudi Arabia’s total imports in June, valued at SR14.3 billion. Vehicles, aircraft, ships, and similar transport equipment followed with about 11 percent.
7. Leading Trade Partners: China, USA, and UAE
China accounted for 21 percent of Saudi Arabia’s total imports in June 2024, valued at SR12.1 billion, followed by the United States with SR4.5 billion, and the UAE in third place with SR4.02 billion, as reported by the General Authority for Statistics.
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