Saudi’s non-oil exports rise 4 per cent to $6.6 bn in October
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Raven Ruma
- . December 22, 2022
- . Update: December 23, 2022 2:08 pm
According to figures issued on Thursday by the Saudi General Authority for Statistics, the country’s non-oil exports increased by more than 4% year over year (YoY) in October 2022 to reach SAR24.9 billion riyals ($6.6 billion).
To reach SAR120.7 billion, total exports for the month climbed by 14% YoY. The reason for this was an increase in oil exports of 16.6%, or SAR13.7 billion. Chemical and related sectors made up the majority of non-oil exports, or 41% of all non-oil merchandise exports.
However, total exports decreased 3.6%, or SAR4.5 billion, as compared to September 2022. Month over month, Saudi Arabia’s export growth has been declining after reaching a peak increase of about 99% in April 2022.
The country’s trade balance improved to a positive SAR57 billion in October as total imports rose by 39% to SAR63.9 billion from SAR46.6 billion during the same period last year. Since July, total imports have increased.
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The Joint Organizations Data Initiative (JODI) has now released data showing that the kingdom’s petroleum exports increased by 52,000 barrels per day (b/d) in October to reach 7.77 million b/d, a 30-month high.
Since the crisis between Ukraine and Russia raised commodity prices, Saudi Arabia has benefited from rising oil prices.
Prices are anticipated to decline in 2023 due to decreased demand and a surplus of supply. Citi Research reduced its projection for oil prices in 2023 from $88 per barrel to $80 per barrel, noting that $70 per barrel might serve as a “soft floor.”
