Saudi oil exports up 123% in April

The Saudi National Bureau of Statistics released international trade data on June 23. In April, Saudi Arabia’s overall merchandise exports reached 137.1 billion riyals, a 98% increase from the same period last year. This increase was mainly due to oil exports, which increased by 60.5 billion riyals (about 16.124 billion U.S. dollars) over the same period, a year-on-year increase of 123%. In April 2022, Saudi non-oil exports (including re-exports) increased by 36.6% year-on-year, from 20 billion riyals in April 2021 to 27.4 billion riyals. But non-oil exports fell by 1.5 billion riyals or 5.3 percent compared to March 2022. In April 2022, Saudi imports of goods amounted to 55.3 billion riyals, an increase of 11.2% year-on-year, and compared with March 2022, imports also decreased by 600 million riyals or 1.0%. In April, Saudi Arabia’s exports to China amounted to 23.4 billion riyals, accounting for 17.1% of total exports, ranking first; followed by India and South Korea with 14.5 billion rials (10.6%) and 12 billion riyals respectively. Rial (8.8%). China is also Saudi Arabia’s largest source of imports. In April, Saudi Arabia’s imports from China amounted to 11 billion riyals, accounting for 19.8% of the total import value; followed by the United States and India, with 5.4 billion rials (accounting for 9.9%) ) and 3.8 billion riyals (6.9%).