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Saudi oil exports jump 106% to SAR 116 billion last May

Saudi oil exports jump 106% to SAR 116 billion last May

The General Authority for Statistics in Saudi Arabia said today, Monday, that the country’s merchandise exports increased by 83.4 percent in May 2022 to 144.1 billion riyals from 78.6 billion riyals in May 2021.

According to a report by the authority, the increase was brought on by a rise in petroleum exports of 59.7 billion riyals, or 105.5 percent, to 116.2 billion riyals in May 2022 from 56.54 billion riyals in May 2021.

The percentage of petroleum exports out of total exports rose to 80.6 percent last May, compared to 72 percent in May 2021.

Every month, the value of merchandise exports increased by 6.4 billion riyals, by 4.7%, in May 2022, compared to last April.

non-oil exports, increased by 26.7% to 27.9 billion riyals in May 2022, compared to 22 billion riyals in May 2021, while the value of non-oil exports decreased by 0.1% compared to April 2022.

Imports increased by 21.8% by 9.6 billion riyals in May 2022 to 53.9 billion riyals, compared to 44.2 billion riyals in May 2021, and imports decreased by 4% compared to April 2022.

The trade surplus amounted to 90.27 billion riyals in May 2022, compared to 34.37 billion riyals in May 2021, an increase of 163%.

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