Saudi oil exports jump 57.5% in January
Saudi merchandise exports rose in January by 49.6 percent compared to the same month in 2021, benefiting from the remarkable growth in non-oil exports and the significant increase in oil exports.
The value of exports amounted to 107.6 billion riyals (about $2 billion), up from 71.9 billion riyals in January 2021, as a result of an increase in oil exports by 30.5 billion riyals, or 57.5 percent, according to the Saudi General Authority for Statistics.
The proportion of oil exports from overall exports increased from 73.7 percent in January 2021 to 77.6% in January 2022.
The value of merchandise exports increased by 1 percent compared to December 2021, or one billion riyals.
Non-oil exports also recorded an increase of 27.5% from January 2021, totaling 24.1 billion riyals, compared to 18.9 billion riyals, while the value of non-oil exports decreased by 5.5 billion riyals, or 18.5 percent compared to December 2021.
As for imports, they rose in January 2022 by 8.1 percent or 3.9 billion riyals, reaching 51.8 billion riyals, compared to 47.9 billion riyals in January 2021.
The value of imports decreased compared to December 2021 by 2.5 billion riyals, or 4.6 percent.