The value of Saudi oil exports increased dramatically in May of last year, owing to a rebound in oil prices, pushing the entire value of the Kingdom’s merchandise exports to its highest level since January of 2020. On an annual basis, the recovery in oil prices increases the value of petroleum exports by 147 percent.
According to Saudi Statistics Authority figures, the value of the Kingdom’s oil exports climbed by 147 percent year over year in May, while the value of non-oil exports increased by 70%.
Exports of goods increased by 120 percent to 82.2 billion riyals.
The import bill increased by 20.3 percent to 44.4 billion riyals.
Non-oil exports totaled 22 billion riyals in value. In May 2020, 12.9 billion riyals will be spent.
Petroleum exports now account for 73.2 percent of total exports, up from 65.3 percent in May of last year.
China was the Kingdom of Saudi Arabia’s biggest merchandise trade partner in May, according to the Statistics Authority, followed by India and Japan.
Among the top ten exporting countries were South Korea, the United States, the United Arab Emirates, the Netherlands, Singapore, Taiwan, and Egypt.