Saudi Arabia records $6.66bln trade surplus in February

Non-oil exports increased annually by 16.2%

  
Image used for illustrative purpose. Container ship in import export and business logistic.

Image used for illustrative purpose. Container ship in import export and business logistic.

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Riyadh –  Saudi Arabia recorded a trade balance surplus worth SAR 25.4 billion in February, compared with SAR 20.8 billion in the same month in 2020, according to the latest data by the Saudi General Authority for Statistics (GaStat).

Trade volume stood at SAR 106.14 billion in February 2021, compared with 106.89 billion in the corresponding month a year ago.

Non-oil exports increased annually by 16.2% to SAR 18.6 billion in February 2021, from SAR 16 billion.

Saudi Arabia’s oil exports, meanwhile, declined by 1.4% or SAR 700 million. The share of oil exports in total exports, therefore, decreased from 74.9% in February 2020 to 71.7% in February this year.

The ratio of non-oil exports to imports increased to 46.1% in February 2021 from 37.2% in February 2020. This rise was attributed to higher non-oil exports in contrast to a decline of 6.2% in imports.

The Kingdom’s overall merchandise exports rose 3% last February on an annual basis to SAR 65.8 billion from SAR 63.8 billion in February 2020.

However, compared to January 2021, total merchandise exports decreased by SAR 6.2 billion or 8.6% in February.

The consumer price index of Saudi Arabia recently registered a 4.9% increase in March 2021, up from the same month last year.

Source: Mubasher

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