News

Saudi oil export revenue rises 72.2% in August

  • 25 October, 2021
  • 3:40 pm EEST

An official report showed an increase in Saudi oil export revenues in August of this year by 72.2%, compared to the same period last year.

The report of the General Authority for Statistics on the Kingdom’s foreign trade during August 2021 indicated that merchandise exports increased by 58.9% on an annual basis.

 

Saudi Oil Exports

The value of Saudi exports in August of this year amounted to 89.2 billion Saudi riyals ($23.78 billion), up from 56.1 billion Saudi riyals ($14.96 billion) in August 2020.

And Saudi oil exports recorded an increase of 28.2 billion riyals ($7.52 billion), a rate of 74.2%, while the proportion of oil exports out of total exports increased from 67.8% in August 2020 to 74.3% in August 2021.

 

Non-Oil Exports

The report of the Statistics Authority indicated a decrease in the value of merchandise exports in August compared to the previous month (July) by 2.9 billion riyals (770 million dollars), or 3.1%.

Non-oil exports also recorded in August of 2021 an increase of 26.8% compared to August of 2020, recording 23 billion riyals ($6.13 billion) compared to 18.1 billion riyals ($4.83 billion).

The report showed an increase in the value of non-oil exports compared to the previous month (July) of this year by 1.9 billion riyals (510 million dollars), or 8.9%.

 

Importing Countries

China is the first main destination for Saudi exports, during the month of August of this year. The value of the Kingdom’s exports to Beijing amounted to about 17.8 billion riyals ($4.75 billion); This represents 19.9% ​​of the total exports.

Followed by India and Japan, with a value of 8.3 billion riyals ($2.21 billion), 9.3%, and 8.2 billion riyals ($2.19 billion), representing 9.2% of the total exports.

South Korea, the United Arab Emirates, the United States, Egypt, Taiwan, Singapore and Belgium were among the top 10 countries to which it was exported.

The total of Saudi exports to the 10 countries amounted to about 59 billion riyals (15.73 billion dollars), which represents 66.8% of the total exports.

 

Source : Attaqqa 

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