Friday, October 15

Saudi Arabia’s Non-oil, Oil Exports Increase by 52.1% and 126.1% in Q2 2021

Riyadh, The Kingdom of Saudi Arabia’s overall merchandise exports increased by 99.4% in Q2 2021 compared to Q2 2020, when international trade was impacted by Covid-related lockdowns and travel bans in numerous countries. The value of exports amounted to 238.6 billion riyals in Q2 2021, up from 119.7 billion riyals in Q2 2020. This increase originated mainly from oil exports, which rose by 96.5 billion riyals or 126.1% in the same period. The share of oil exports in total exports increased from 63.9% (Q2 2020) to 72.5% (Q2 2021). Compared to the previous quarter (Q1 2021), total merchandise exports increased by 26.1 billion riyals or 12.3%.

According to the General Authority for Statistics' (GASTAT) International Trade Report, non-oil exports increased by 52.1% year-on-year in Q2 2021, rising to 65.7 billion riyals from 43.2 billion riyals in Q2 2020. Of the most important non-oil goods, 'Plastics and Rubber and Articles Thereof' (34.3% of non-oil merchandise exports) increased by 63.9% (8.8 billion riyals) and 'Products of the Chemical or Allied Industries' (31.0% of non-oil merchandise exports) increased by 61.9% (7.8 billion riyals) from Q2 2020. Non-oil exports increased compared to the previous quarter (Q1 2021) by 5.6 billion riyals or 9.4%.

Merchandise imports increased by 12.9% (16.1 billion riyals) in Q2 2021. The value of imports amounted to 140.9 billion riyals in Q2 2021 compared to 124.8 billion riyals in Q2 2020. This increase was due to the increase in many sectors compared to Q2 2020, mainly 'Vehicles and Associated Transport Equipment' (26.8%) and 'Pearls; Precious Stones; Imitation Jewellery' (452.2%). Imports also increased compared to the previous quarter (Q1 2021), by 1.4 billion riyals or 1.0%.

The ratio of non-oil exports to imports increased to 46.6% in Q2 2021 from 34.6% in Q2 2020 as a result of a higher increase in non-oil exports (52.1%) than in imports (12.9%) over that period.

In Q2 2021, exports to China amounted to 46.4 billion riyals (19.4% of total exports), making this country the main destination for exports of Saudi Arabia. India and Japan followed next with 21.7 billion riyals (9.1% of total exports) and 20.7 billion riyals (8.7% of total exports), respectively. South Korea, U.S.A, United Arab Emirates, Egypt, Netherlands, Singapore, and Taiwan were the other countries that ranked in the top 10 destinations. Exports of Saudi Arabia to those 10 countries amounted to 160.3 billion riyals, accounting for 67.2% of total exports.

Imports from China amounted to 25.7 billion riyals in (18.2% of total imports) Q2 2021, making this country the main origin for imports of Saudi Arabia. United Arab Emirates and U.S.A followed next with imports of 13.5 billion riyals (9.6% of total imports) and 13.1 billion riyals (9.3% of total imports), respectively. Germany, India, Japan, Italy, Egypt, France and Canada were the other countries that ranked in the top 10 countries for imports. Imports of Saudi Arabia from those 10 countries amounted to 87.9 billion riyals, accounting for 62.3% of total imports.

As many as 36.6 billion riyals of imports, corresponding to 26.0% of the total, entered the Kingdom from Jeddah Islamic Sea Port in Q2 2021. Among the other major ports of entry for the imports were King Abdulaziz Port (19.4%), King Khalid International Airport (12.4%), King Fahad Airport (7.0%), and Bat'ha (6.4%). Those five ports together accounted for 71.1% of the total merchandise

imports of the Kingdom.

Source: Saudi Press Agency