Saudi Arabia's non-oil exports jump 23% to $16bln in Q1 2021

Trade surplus rises for third consecutive quarter

  
Image used for illustrative purpose. A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017.

Image used for illustrative purpose. A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017.

REUTERS/Faisal Al Nasser

Saudi Arabia’s non-oil exports grew more than 23 percent year-on-year in the first quarter of 2021 to hit 60 billion riyals ($16 billion), data issued by the Saudi General Authority for Statistics showed.

Overall, exports increased by 10.8 percent year-on-year to 212.4 billion riyals, due mainly to higher oil exports, which rose by 6.6 percent, or 9.5 billion riyals, in the same period. The share of oil exports in total exports, however, dropped to 71.8 percent from 74.6 percent in the year-ago period.

Compared to the previous quarter (Q4 2020), total exports rose by 18 percent.

Meanwhile, imports to the kingdom increased 4 percent to 137.7 billion riyals giving a trade surplus of 74.7 billion, the third consecutive quarter of surplus.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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© ZAWYA 2021


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