Cement exports from Saudi Arabia surged 67.4 percent year-on-year to 638,000 tons in January 2023, Aljazira Capital said in its new report.

In contrast, local sales for January 2023 stood at 4.29 million, falling 11.4 percent year-on-year and 2.5 percent per cent month-on-month.

For 2022, domestic sales remained unchanged at 52.18 million tonnes, compared to 52.17 million tonnes in 2021.

On the other hand, exports declined 9.3 percent to 8.9 million tonnes in 2022 compared to 8.2 million tonnes in 2021.

Clinker inventories stood at 35.1 million tonnes in January 2023, rising 1% year-on-year but remaining flat month-on-month.

The total utilisation rate of the cement sector fell to 68.6 percent in January 2023, compared to 70.5 percent a year earlier, Aljazira Capital said.

(Writing by D Madhura; Editing by Anoop Menon)