Islamic Finance

Saudi non-oil exports jump 70 percent year-on-year in May to $5.87bn


Published 10 Aug,2021 via Arab News - Economy RIYADH - Saudi non-oil exports increased by 70 percent year on year in May 2021 to SR22 billion ($5.87 billion), and 10 percent from April, official data revealed.

Plastics and rubber products increased by 82.9 percent year-on-year, while chemical products increased by 86.4 percent, according to the General Authority for Statistics (GSTAT).

The domestic trade balance witnessed a surplus in May despite the pandemic's impact on international trade.

Overall merchandise exports climbed 120 percent year on year to a record SR82.2 billion, while imports fell 20.4 percent to SR44.41 billion, leading to a surplus of SR37.76, the highest in over a year.

The increase in exports was mainly attributed to sales of oil, which rose by SR35.8 billion or 146.7 percent from a year earlier to SR60.2 billion. Oil exports consisted of 73.2 percent of total exports in May 2021, up from 65.3 percent in May 2020.

The year-on-year increase in imports included vehicles and transport equipment, and mineral products.

However, imports decreased 10.8 percent on a monthly basis.

The ratio of non-oil exports to imports rose to 49.6 percent in May 2021 from 35.1 percent in May 2020, GSTAT said.

Copyright © Saudi Research & Publishing Co. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)


 

DISCLAIMER: This content is provided to us “as is” and unedited by an external third party provider. We cannot attest to or guarantee the accuracy of information provided in this article from the external third party provider. We do not endorse any views or opinions included in this article.   


tags:

Exports
Author Profile Image
Arab News