Riyadh – Mubasher: Saudi Arabia’s merchandise exports dropped during the first eight months of the year, driven by the coronavirus pandemic repercussions, low oil prices, and the decline in global trade exchange.
The Gulf country’s merchandise exports fell by 35.9% or SAR 237.35 billion on a year-on-year (YoY) basis in the January-August period, reaching SAR 423.27 billion, according to data collected by Mubasher based on official figures.
However, the exports improved in August on a month-on-month (MoM) basis for the third consecutive month to reach SAR 57.38 billion. This marked the highest level since six months.
Oil exports near SAR 300 billion in 8M
Saudi oil exports' revenues improved over the past months amidst relatively higher global oil prices. The kingdom’s oil exports exceeded SAR 298 billion during the eight-month period ended 31 August, down by 41.76% YoY.
In August, revenues from the Saudi oil exports grew for the third month in a row to stand at SAR 39.62 billion, the highest level since last February.
Non-oil exports during August hit their highest level in 2020
During the period from January to August, non-oil exports tumbled by 16.3% annually to SAR 125.2 billion, compared with SAR 149.6 billion in the year-ago period.
In August, non-oil exports hit their highest level in 2020 at SAR 17.76 billion, a yearly increase of 5.7%.
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