Value of Saudi Arabia's oil exports fell 46% y-o-y in July

Ratio of non-oil exports to imports at 46.3%

  
An employee rides a bicycle next to oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Image for illustrative purposes.

An employee rides a bicycle next to oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Image for illustrative purposes.

REUTERS/Maxim Shemetov

The value of Saudi Arabia's oil exports fell 46.4 percent year-on-year (y-o-y) in July and non-oil exports declined by 8.3 percent y-o-y falling to 17,424 million riyals, data from the kingdom's General Authority of Statistics revealed.

The kingdom's merchandise imports declined by 30.5 percent in July. The value of imports amounted to 37,661 million riyals in July 2020 compared to 54,181 million riyals in July 2019. According to govt data, this decrease was due to the decrease in many sections, mainly: Vehicles and Associated Transport Equipment (-64.3 percent); Machinery and Mechanical Appliances; Electrical Equipment (-30.1 percent).

Imports in July were reduced by 15.4 percent at 6,860 million riyals compared to the previous month.

The ratio of non-oil exports to imports increased to 46.3 percent in July 2020 compared to 35.1 percent in July 2019. This is due to the fact that the decrease in non-oil exports (-8.3 percent) was more muted than the decrease in imports (-30.5 percent) during this period.

(Writing by Seban Scaria; editing by Daniel Luiz)

seban.scaria@refinitiv.com

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© ZAWYA 2020

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