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Saudi Arabia’s oil exports value jumps 123% in October

Saudi Arabia’s oil exports grew more than 123 percent year-on-year in October 2021 or 45.5 billion riyals ($12 billion), data issued by the Saudi General Authority for Statistics showed.

The share of oil exports in total exports increased to 77.6 percent during the month from 66.1 percent October 2020, when trade was impacted by lockdown and travels bans due to the Covid-19 coronavirus pandemic.

Overall, exports increased by 90 percent year-on-year in October 2021 to 106.2 billion riyals. Non-oil exports increased by 25.5 percent year-on-year in October 2021, rising to 23.8 billion riyals from 19 billion in October 2020. However, compared with the previous month, non-oil exports fell by 5.6 percent or by 1.5 billion riyals.

Meanwhile, imports to the kingdom increased 7.6 percent to 46.3 billion riyals, giving a trade surplus of 59.8 billion.

Source: Reuters

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