Saudi Arabia’s non-oil exports shrank by 16.6 per cent in October to SAR13.8 billion against SAR16.6bn in the same month last year. However, imports surged by 10.4 per cent to a total of SAR54.8bn.
Meanwhile, October’s exports remain seven per cent higher September’s, according to a statement by the Saudi Central Department of Statistics and Information.
Imports were also 26.2 per cent higher in October when compared with the value a month earlier, the data shows.
The decline in the kingdom’s non-oil exports was driven by lower chemical exports which shed 31.7 per cent of their value month-on-month to SAR3.8bn, while plastic and rubber exports narrowed down by 18.2 per cent to SAR4.7bn.
Furthermore, the kingdom’s imports of transport vehicles and spare parts soared by 26.8 per cent to reach a total of SAR11.5bn, while machinery, equipment and electrical appliances’ imports increased by 18.9 per cent to SAR14.7bn. The country’s imports of chemical products expanded by 28.8 per cent to SAR5.1bn.
According to the data published by Al-Riyadh newspaper, roughly 37.1 of Saudi Arabia’s non-oil exports went to the United Arab Emirates, China, India and Singapore. Top destinations from where the kingdom brought its imports were the United States of America, China, Germany, Japan and South Korea.
(SAR1 = AED0.98, at the time of publishing)