Saudi Arabias exports leap 120%, trade surplus hits $10bln in May

Both non-oil and oil exports totalled SAR 82.2 billion in May this year, up from SAR 37.3 billion in May 2020.

The annual increase in the Kingdom’s exports was mainly backed by oil exports, which soared by SAR 35.8 billion or 146.7% in May 2021 compared to the same period a year earlier. In addition, oil exports accounted for 73.2% of the total exports last May, higher than 65.3% in the same month in 2020.

Month-on-month (MoM), Saudi Arabia’s total merchandise exports grew by SAR 10.5 billion or 14.6% from SAR 71.3 billion in April this year.

Non-oil exports also increased by 70% to SAR 22.0 billion in May 2021, compared to SAR 12.9 billion in May 2020.

Plastics, rubber, and articles thereof acquired a share of 35.4% of the non-oil exports and rose by 82.9% annually in May, compared to 33.5% and 41.9%, respectively, in April 2020.

Non-oil exports soared by SAR 2 billion or 10% MoM in May, according to GaStat.

As for Saudi Arabia’s merchandise imports, their value rose by 20.3% or SAR 7.5 billion to SAR 44.4 billion in May 2021, compared to SAR 36.9 billion in May 2020. On a monthly basis, the imports decreased by 10.8% or SAR 5.4 billion from April.

“The ratio of non-oil exports to imports increased to 49.6% in May 2021 from 35.1% in May 2020,” the statistics authority said.

The country recorded a trade balance surplus of SAR 37.76 billion in May, a surge from SAR 419 million in May 2020, and compared to SAR 22.22 billion last April.

China maintained its ranking as Saudi Arabia’s main trading partner for both exports and imports in May 2021, with SAR 17.6 billion and SAR 8.1 billion, respectively.