Saudi oil exports increases by 106% to $30 billion dollars in May

Oil stabilizes above 30-dollar benchmark
Oil stabilizes above 30-dollar benchmark

Saudi Arabia’s oil exports jumped 106 percent, reaching SR116 billion ($30 billion USD) during the month of May 2022 while compared to the same period last year, according to the latest report published by the General Authority for Statistics (GASTAT) on Monday. The authority stated that there has been an increase of 83.4 percent in merchandise exports in May 2022, reaching SR144.1 billion while compared to SR78.6 billion in May 2021.

The GASTAT said in the report that this increase came as the result of an increase in petroleum exports by SR59.7 billion or 105.5 percent in May 2022 reaching SR116.2 billion, while compared to SR56.54 billion in the same month of 2021. The percentage of petroleum exports out of total exports rose to 80.6 percent in May this year while compared to 72 percent in May 2021. On a monthly basis, the value of merchandise exports recorded an increase of SR6.4 billion (4.7 percent) in May 2022, compared to the previous month of April.

Non-oil exports, which include re-exports, registered an increase of 26.7 percent, amounting to SR27.9 billion, in May 2022, as against SR22 billion in May 2021, whereas the value of non-oil exports decreased by 0.1 percent compared to April 2022. Imports posted an increase of 21.8 percent (SR9.6 billion) in May 2022 reaching SR53.9 billion while compared to SR44.2 billion in May 2021, and imports decreased by 4 percent while compared to April 2022.

The trade surplus amounted to SR90.27 billion in May 2022, as against SR34.37 billion in May 2021, an increase of 163 percent.

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