RIYADH — Remittances of money by expatriates have recorded the highest levels in two years, reaching SR12.91 billion in July 2024. This marked an increase of 21.47 percent, amounting to SR2.28 billion, compared to SR10.63 billion in the same month of 2023. This is the highest level of foreign remittances since September 2022, as monthly foreign remittances levels during the past period had not exceeded SR12.9 billion, according a recent report published by the Saudi Central Bank (SAMA). As for Saudi remittances, they recorded a slight growth on an annual basis, rising to SR5.81 billion, after it stood at about SR5.8 billion in July last year. As for the average value of annual Saudi remittances abroad, it amounted to SR61.95 billion, with an average monthly remittance of SR5.16 billion. The total value of foreign remittances during the year 2023 amounted to SR126.83 billion, with an average monthly remittance of SR10.57 billion. It is noteworthy that Saudi Arabia's total mercantile imports during the month of June 2024 amounted to about SR57.7 billion, a decrease of 5 percent compared to June 2023 whereas Saudi imports of goods decreased by about SR16.7 billion (22 percent) in June compared to May 2024, according to the data released by the General Authority for Statistics. Machinery, mechanical devices, electrical equipment and their parts accounted for 25 percent of Saudi Arabia's total imports in June, with a value of SR14.3 billion, followed by vehicles, aircraft, ships and similar transport equipment with about 11 percent. China accounted for 21 percent of Saudi Arabia's total imports in June 2024, with a value of SR12.1 billion, followed by the United States of America with a value of SR4.5 billion, and the UAE in third place with a value of SR4.02 billion, the authority said in its report.
