Chemical shipments push Saudi non-oil exports growth in October

Written by The Frontier Post

RIYADH (Agencies): Non-oil exports in Saudi Arabia rose by a yearly rate of 25.5 percent in October, hitting SR23.8 billion ($6.3 billion), propelled by chemcials sales, data from Gastat showed. Shipments of chemicals accounted for almost two thirds of non-oil shipments as they went up by of 53.5 percent from same month a year ago.
The total non-oil exports figures include re-exports which rose again by 10 percent after surging by 131 percent in the previous month.
Exports of plastics, rubber and related items also experienced a notable jump, rising by 28.7 percent from a year earlier, the statistics
In addition, overall merchandise exports leaped by 90 percent compared to a year ago, induced by higher sales of oil, which soared by 123.1 percent during the same period. Gastat said that the increase was partly due to the previous year’s low base effects as international trade was hampered by pandemic-related restrictions.
The share of oil exports increased to 77.6 percent in October, up from 66.1 percent last year.
Asian countries received the bulk of the Kingdom’s exports as China purchased 18 percent of Saudi Arabia’s total outgoing sales while Japan and South Korea came next, accounting for 10.8 percent and 9.9 percent, respectively.
On a monthly basis, non-oil exports were down by 5.9 percent while total exports were 12.2 percent higher.
Meanwhile, annual growth of imports decelerated to 7.6 percent in October from 12.9 percent in September and 27 percent in August. Imports in October were valued at SR46.3 billion with purchases of pearls, precious stones and imitation jewelry undergoing the highest increase, rising by 191 percent from a year ago Gastat added.
Again, China was the main provider of goods and services to the Kingdom, with Chinese products making up 20.2 percent of the total. The US and the UAE followed with shares that were calculated at 9.3 percent and 8.9 percent, respectively.
Looking at monthly figures, imports were 2.4 percent lower in October when compared with September.

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