Saudi Arabia’s trade balance continued to achieve a surplus for the 25th consecutive month, supported by oil prices that boost the level of Saudi commodity exports. According to recent data issued by the Saudi General Authority for Statistics, the Saudi trade balance was able to achieve a surplus, with a jump of about 104 percent, supported by the rise in oil prices.
The data revealed an increase in oil exports by 46.6 billion riyals ($12.4 billion), with a growth rate of about 68.9 percent during the month of July on an annual basis, and it contributed to the increase in commodity exports by more than half during the same month.
According to the data of the joint organizations “Judi”, Saudi oil exports rose last July to 7.38 million barrels per day, from 7.2 million barrels per day last June, with a growth rate of about 2.5 percent. Chemical industry products were among the most important non-oil exports, as they constituted about 35.9 percent of the total non-oil exports last July, and rose by 46.9 percent on an annual basis.
Merchandise exports jump 58 percent
In the same context, the data revealed that Saudi non-oil exports increased by 26.4% during the month of July, recording 26.7 billion riyals ($7.101 billion), compared to about 21.1 billion riyals ($5.611 billion) recorded in the same month of the year. 2021.
The data indicated that merchandise exports increased during the month of July by 58.8% on an annual basis to 140.8 billion riyals (37.446 billion dollars), supported by an increase in oil exports by about 69%, as the proportion of oil exports out of total exports jumped to 81 per cent. percent in July of this year, compared to about 76 percent in July 2021.
As for imports, they rose during the month of July 2022 by 18.3 percent by 8.5 billion riyals ($2.26 billion), reaching 55.1 billion riyals ($14.654 billion) during the month of July, compared to about 46.6 billion riyals (12,393). billion dollars) during July 2021, while the value of imports decreased compared to the previous month (June 2022), by 5.8 billion riyals ($ 1.542 billion), or 9.5 percent.
According to the data, the value of Saudi oil exports jumped during the month of July last year, on an annual basis, by 68.9 percent, to reach about 114.2 billion riyals (30.372 billion dollars), compared to about 67.6 billion riyals (17.798 billion dollars) during the same period in 2018. 2021.
Trade surplus jumps 137 percent in June
On August 24, the General Authority for Statistics announced an increase in Saudi merchandise exports by 75.2 percent in June 2022, to reach about 147.7 billion riyals ($39.281 billion), compared to 84.3 billion riyals ($22.42 billion). During June of last year.
The Authority attributed this increase to an increase in oil exports by 57 billion riyals ($15.159 billion) by 94.1 percent to 117.69 billion riyals ($31.3 billion) in June 2022. The proportion of oil exports out of total exports increased from 71.9 percent during June 2021 to 79.7 percent in June 2022. The value of merchandise exports increased by 3.4 billion riyals ($0.904 billion) by 2.3 percent compared to May 2022.
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Non-oil exports, including re-exports, increased by 26.8 percent to 30.1 billion riyals ($8.005 billion) in June 2022, compared to 23.7 billion riyals ($6.303 billion) in June 2021. While the value of non-oil exports increased by 1.9 billion riyals. (0.505 billion dollars) by 6.8 percent compared to May 2022.
Imports increased by 28.9 percent during June 2022 to reach 59.9 billion riyals ($15.93 billion) compared to 46.5 billion riyals ($12.376 billion) in June 2021. The value of imports also increased by 5.3 billion riyals ($1.409 billion) by 9.7 percent. Compared to May 2022.
The trade surplus rose to 88 billion riyals ($23.404 billion) in June 2022, compared to 37 billion riyals ($9.84 billion) in June 2021, a growth rate of about 137.8%. Non-oil exports rose in the second quarter of this year by 31 percent on an annual basis, to reach 86 billion riyals ($22.872 billion). Total exports recorded a growth of 85 percent to 430 billion riyals ($114,361 billion).
As for imports, they increased by 22% during the second quarter, reaching a total value of about 171 billion riyals (45.478 billion dollars), compared to the figures for the same period last year.