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Saudi oil exports hike 147% to $16bn in May

Saudi oil exports

Saudi oil exports rose by 147% in May to record SAR 60 billion riyals ($16 billion) compared to the previous year, while non-oil exports rose by 70%, according to General Authority for Statistics (GaStat).

Overall merchandise exports increased by 120.1% in May 2021 compared to May 2020, when international trade was impacted by COVID-related lockdowns and travel bans in numerous countries GaStat data revealed.

Saudi oil exports made up around 73.2% of the Kingdom’s total exports, up from 65.3% in May 2020.

On the other hand, Saudi non-oil exports rose to SAR 22 billion in May 2021 compared to SAR 12.9 billion a year earlier, according to Gastat.

Saudi Arabia, the world’s top oil exporter, suffered last year as the COVID-19 pandemic hit energy demand and its state coffers as a result.

China remained Saudi Arabia’s main trading partner in May, with Saudi exports there corresponding to 21.4% of total exports.

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