GASTAT: Saudi oil exports jump 123% in April

General Authority for Statistics (GASTAT) data showed that Saudi Arabia’s commodity exports rose by 98% in April 2022 to SR 137.1 billion (Y/Y), from SR 69.3 billion in April 2021. This increase is due to a rise in oil exports of SR 60.5 billion.

Moreover, the Saudi non-oil exportssurged by 36.6% in April 2022 to SR 27.4 billion, compared to SAR 20 billion in April 2021.

On a quarterly basis, the Kingdom’s commodity exports declined by 3.4% compared to SR 141.93 billion in March 2022, while oil exports dropped by 2.9% in April 2022, compared to SR 113.04 billion in March 2022, in addition, oil exports decreased 5.3% compared to SR 24.73 billion in March 2022.

Chemical industry products and related non-petroleum export commodities constituted 36.6% of total non-oil exports, rising by 67.5% to SR 4 billion, followed by plastics, rubber, and manufacturers which constituted 27.8% of total non-oil exports, a growth of 15.9% from April 2021.

Meanwhile, Saudi imports climbed 11.2% to SR 55.3 billion in April 2022, compared to SR 49.7 billion in April 2021. The ratio of non-oil exports to imports increased by 49.5% in April 2022 from 40.3% in April 2021, as a result of a significant rise in non-oil exports by 36.6%, compared with an 11.2% increase in imports during this period.

The Kingdom achieved a trade surplus jump of 319% to SR 81.85 billion in April 2022, compared to SR 19.55 billion in April 2021.