Saudi Oil revenues witness unprecedented peak

Official data released recently showed that Saudi Arabia’s oil revenues increased in August by 60.2%, compared to the same period in 2021.

 The oil prices supported the revenues of Saudi oil exports, which recorded a huge jump last August on an annual basis.

The report of the Saudi General Authority for Statistics on the Kingdom’s foreign trade during August, issued on Tuesday, indicated that merchandise exports rose by 49.1% on an annual basis.

Oil Exports revenues 

Revenues from Saudi oil exports increased by 40.2 billion riyals ($10.70 billion), or 60.2%.

 On the other hand, the proportion of oil exports out of the total exports rose from 74.4% in August to 79.9% in the same month of this year.

The value of Saudi exports last August amounted to about 133.7 billion Saudi riyals ($35.58 billion), up from 89.7 billion Saudi riyals ($23.87 billion) in August 2021.

Saudi oil exports rose in August to 106.924 billion Saudi riyals ($28.45 billion), from 66.724 billion Saudi riyals ($17.75 billion) in August 2021.

Monthly Retreat

The revenues of Saudi oil exports recorded a decline of about 7.231 billion riyals ($ 1.92 million) every month, compared to the revenues of the previous month (July 2022).

Data from the Statistics Authority had shown that Saudi oil revenues recorded a big jump during the first half of this year, recording an increase of 100.8% on an annual basis.

The value of Saudi oil exports rose to $167.86 billion during the period from January to the end of June 2022, compared to $83.85 billion in oil revenues achieved during the first half of 2021.

Commodity Exports

The report of the Saudi Statistics Authority revealed that the value of merchandise exports decreased in August compared to the previous month (July 2022) by 7.5 billion riyals ($ 2 billion), or 5.3%.

In August 2022, non-oil exports increased by 16.6%, compared to August 2021, recording 26.8 billion riyals ($7.13 billion).

The report showed a decline in the value of non-oil exports compared to July, by 0.3 billion riyals ($0.080 billion), and by 1.2%.

China is in the lead

China continued to be at the forefront of the main destinations for Saudi exports during August, as the value of Riyadh’s exports to Beijing amounted to about 23.5 billion riyals ($6.25 billion). This represents 17.6% of the total exports.

Saudi oil exports to China declined in September to 7.53 million tons, or 1.83 million barrels per day, compared to 1.99 million barrels per day in August (2022).

During the first nine months of this year (2022), Saudi oil exports to China amounted to 65.84 million tons, down 1% year on year.

Other countries

Japan and India come After China, – respectively – with a total of 13.2 billion riyals ($3.51 billion) at 9.9%, and 11.9 billion riyals ($3.17 billion) at 8.9% of total exports.

South Korea, the United States, the United Arab Emirates, Malaysia, France, Taiwan, and Egypt were among the top 10 countries to which it was exported.

The total of Saudi exports to the 10 countries amounted to about 85.7 billion riyals ($22.81 billion), which represents 64.1% of the total Saudi exports during August.