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.

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