Friday, October 15

Saudi Arabia’s Non-oil Exports Report Highest Increase of 40.5% in June 2021

Riyadh, The Kingdom of Saudi Arabia’s overall merchandise exports increased by 91.8% in June 2021 compared to June 2020, when international trade was impacted by Covid-related lockdowns and travel bans in numerous countries. The value of exports amounted to 84.7 billion riyals in June 2021, up from 44.2 billion riyals in June 2020. This increase originated mainly from oil exports, which rose by 33.7 billion riyals or 123.2% in the same period. The share of oil exports in total exports increased from 62.0% (June 2020) to 72.1% (June 2021). Compared to the previous month (May 2021), total merchandise exports increased by 2.5 billion riyals or 3.1%.

Non-oil exports increased by 40.5% year-on-year in June 2021, rising to 23.6 billion riyals from 16.8 billion riyals in June 2020. Of the most important non-oil goods, 'Plastics and Rubber and Articles Thereof' (34.4% of non-oil merchandise exports) increased by 68.0% 3.3 billion riyals) and 'Products of the Chemical or Allied Industries' (31.4% of non- oil merchandise exports) increased by 49.2% 2.4 billion riyals) from June 2020. Non-oil exports increased compared to the previous month (May 2021) by 1.6 billion riyals or 7.2%.

According to the International Trade June 2021 report, merchandise imports decreased by 0.2% (-0.1 billion riyals) in June 2021. The value of imports amounted to 46.0 billion riyals in June 2021 compared to 46.1 billion riyals in June 2020. This decrease was due to the decrease in many sectors compared to June 2020, mainly 'Machinery and Mechanical Appliances; Electrical Equipment' (-19.0%) and 'Textiles and Textile Articles' (-22.3%). Imports, however, increased compared to the previous month (May 2021), by 1.1 billion riyals or 2.5%.

The ratio of non-oil exports to imports increased to 51.3% in June 2021 from 36.4% in June 2020, as a result of an increase in non-oil exports (40.5%) in contrast to a decline in imports (0.2%) over that period.

According to the report, China is Saudi Arabia’s main trading partner for merchandise trade. In June 2021, exports to China amounted to 15.9 billion riyals (18.8% of total exports), making this country the main destination for exports of Saudi Arabia. Japan and U.S.A followed next with 8.3 billion riyals (9.8% of total exports) and 6.6 billion riyals (7.8% of total exports), respectively. India, South Korea, United Arab Emirates, Egypt, Bahrain, Taiwan, and Singapore were the other countries that ranked in the top 10 destinations. Exports of Saudi Arabia to those 10 countries amounted to 56.6 billion riyals, accounting for 66.8% of total exports.

Imports from China amounted to 8.3 billion riyals (18.1% of total imports) in June 2021, making this country the main origin for imports of Saudi Arabia. United Arab Emirates and U.S.A followed next with imports of 4.5 billion riyals (9.9% of total imports) and 4.4 billion riyals (9.6% of total imports), respectively. India, Germany, Japan, Italy, France, United Kingdom and Egypt were the other countries that ranked in the top 10 countries for imports. Imports of Saudi Arabia from those 10 countries amounted to 28.8 billion riyals, accounting for 62.7% of total imports.

As many as 11.7 billion riyals of imports, corresponding to 25.3% of the total, entered the Kingdom from Jeddah Islamic Sea Port in June 2021. Among the other major ports of entry for the imports were King Abdulaziz Port (19.9%), King Khalid International Airport (10.9%), King Fahad Airport (7.8%), and Bat'ha (7.0%). Those five ports together accounted for 70.8% of the total merchandise imports of the Kingdom.

Source: Saudi Press Agency