Saudi Arabia’s non-oil; oil exports increase by 42.9% and 75.0% in March 2021

Oil climbs 1% on Saudi Aramco's Upbeat Demand View, Iraq Supply Cut

The Kingdom of Saudi Arabia’s overall merchandise exports increased by 64.0% in March 2021 compared to March 2020. The value of exports amounted to SR74.7 billion in March 2021; up from SR45.6 billion in March 2020. This increase originated mainly from oil exports; which rose by SR22.4 billion or 75.0% in the same period.

The share of oil exports in total exports; therefore; increased from 65.6% (March 2020) to 70.0% (March 2021). Compared to the previous month (February 2021); total merchandise exports also increased by SR 8.9 billion or 13.6%; according to the General Authority for Statistics (GASTAT).

On the other hand; non-oil exports also increased by (42.9%) year-on-year in March 2021; rising to SR22.4 billion from SR15.7 billion in March 2020.

Of the most important non-oil goods; ‘Plastics and Rubber and Articles Thereof’ (33.6% of non-oil merchandise exports) increased by 57.8% (SR2.8 billion) and ‘Products of the Chemical or Allied Industries’ (27.9% of non-oil merchandise exports) also increased by 28.5% (SR1.4 billion) from March 2020.

Non-oil exports increased compared to the previous month (February 2021) by SR3.8 billion or (20.2%).

Merchandise imports also increased by 14.0% (SR6.1 billion) in March 2021. The value of imports amounted to SR49.4 billion in March 2021 compared to SR43.3 billion in March 2020.

This increase was due to the increase in many sectors compared to March 2020; mainly ‘Vehicles and Associated Transport Equipment’ (30.3%) and ‘Pearls; Precious Stones; Imitation Jewelry’ (354.9%). Imports also increased compared to the previous month (February 2021); by SR9.0 billion or (22.4%).

The ratio of non-oil exports to imports increased to 45.3% in March 2021 from 36.1% in March 2020; as a result of a higher increase in non-oil exports (42.9%) than in imports (14.0%) over that period.

In March 2021; exports to China amounted to SR14.3 billion; also making this country the main destination for exports of Saudi Arabia. Japan and India also followed next with SR7.1 billion and SR6.1 billion; respectively.

South Korea; United Arab Emirates; USA; Egypt; the Netherlands; Bahrain; and Taiwan were the other countries that ranked in the top 10 destinations. Exports of Saudi Arabia to those 10 countries also amounted to SR49.9 billion; accounting for (66.7%) of the total exports.

Imports from China amounted to SR9.4 billion in March 2021; making this country the main origin for imports of Saudi Arabia. United Arab Emirates and USA followed next with imports of SR4.9 billion and SR4.6 billion; respectively. India; Japan; Germany; Italy; France; United Kingdom and Egypt were also the other countries that ranked in the top 10 countries for imports. Imports of Saudi Arabia from those 10 countries amounted to SR31.8 billion; accounting for (64.4%) of the total imports.

As many as SR12.6 billion riyals of imports; corresponding to (25.5%) of the total; entered the Kingdom from Jeddah Islamic Sea Port in March 2021.

Among the other major ports of entry for the imports were King Abdulaziz Port (20.3%); King Khalid International Airport (12.0%); Bat’ha (7.4%); and King Fahad Airport (7.2%). Those five ports also together accounted for (72.4%) of the total merchandise imports of the Kingdom of Saudi Arabia.