Saudi Non-Oil Exports Surge to Record Values

Saudi Non-Oil Exports Surge to Record Values

Saudi non-oil exports jumped 37% to a record SAR125.3bn ($33.4bn) in the first half of 2021; compared to SAR91.7 billion in the first half of 2020.

They increased by 8%, equivalent to 34.7 million tons, suggesting a rebound in prices as volumes returned to normal.

Global trade collapsed last year as the COVID-19 pandemic forced much of the world into lockdown. However, trade has strongly rebounded this year, and last week the WTO upgraded its forecast for global merchandise trade volume growth to 10.8% in 2021 and 4.7% in 2022.

Saudi Arabia exported to 170 countries in the first half, led by SAR17 billion of goods to the UAE, followed by SAR16.8 billion to China and SAR7.1 billion to India.

The petrochemical sector was the biggest source of exports with a value of SAR73.6 billion in the period, up from SAR51.2 billion during the same period last year, representing a growth of 44%.

The H1 report follows data from the General Authority for Statistics that showed July’s non-oil exports increased 17.9% year on year to SAR20.8 billion.

The total value of exports amounted to SAR91.8 billion in July 2021, up from 51.1 billion riyals in July 2020, led by a 112.1% increase in oil exports.