Saudi Arabia records $12.26bln trade balance surplus in July

Oil exports increased

The King Fahd highway in Riyadh, Saudi Arabia. Image use for illustrative purpose

The King Fahd highway in Riyadh, Saudi Arabia. Image use for illustrative purpose

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Riyadh – Mubasher: Saudi Arabia has achieved a trade balance surplus of SAR 46.13 billion in July this year, compared to SAR 10.78 billion in the same month in 2020, according to official data on Wednesday.

The trade balance surplus was also higher in the first seven months of 2021 compared to SAR 19.85 billion in December 2020.

The Kingdom has exported goods worth SAR 91.76 billion in July 2021, a surge of 79.6% compared to SAR 51.08 billion in the same month last year when international trade was affected by the COVID-19 pandemic.

The increase was mainly attributed to oil exports, which jumped by SAR 37.5 billion (112.1%) year-on-year (YoY) in July 2021. The share of oil exports in Saudi Arabia’s overall exports increased to 77.4% in July this year from 65.5% in the same period in 2020.

On a monthly basis, total merchandise exports increased by SAR 7 billion (8.2%) in July compared to June 2021, according to the Saudi General Authority for Statistics (GaStat).

Non-oil exports soared by 17.9% YoY in July 2021 to SAR 20.8 billion from SAR 17.6 billion in July 2020. Plastics, rubber, and articles thereof, which accounted for 37.6% of Saudi Arabia’s non-oil merchandise exports, rose by SAR 2.5 billion (47.7%) in July this year.

Month-on-month (MoM), non-oil exports decreased in July by SAR 2.9 billion (12.3%) compared to June.

As for the imports, their value increased by SAR 5.3 billion (13.2%) to SAR 45.6 billion in July 2021 compared to SAR 40.3 billion in July 2020.

Ratio of non-oil exports to imports grew to 45.5% in July 2021 from 43.7% in the same month last year.

China retained its position as Saudi Arabia’s main trading partner for both exports and imports, which amounted to SAR 18 billion and SAR 9.9 billion, respectively, in July this year.

Source: Mubasher

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