Saturday, Sep 25, 2021
International Finance
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Saudi Arabia non-oil export reached $6.2 bn in 2021

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Compared to 2020, the exports went up by 40% in 2021

The Kingdom of Saudi Arabia saw non-oil exports hit their highest-ever monthly level in June 2021, reaching $6.2 billion, according to the Saudi Export Development Authority (Saudi Exports). June exports registered an increase of 40 percent, when compared to last year, when the Kingdom shipped exports with a total value of SR16.8 billion.

The exports recorded in June this year include products worth SR21 billion, while the country made SR2.5 billion in re-exports of goods. The Kingdom also witnessed that they rose above the SR20 billion mark and this is an especially welcoming news at a time when the global economy is recovering from the pandemic, while the number of Saudi plants kept increasing beyond 10,000.

Saudi Arabia’s oil export in June also increased by 123 percent, reaching $16.4 billion, when compared to last year. Overall exports increased 92 percent in June, compared to a year earlier when international trade plunged and travel was severely restricted due to Covid-19.

Oil exports accounted for 72 percent of total exports in June, compared to 62 percent in 2020. Saudi Arabia’s biggest oil exporter was hit hard last year as oil prices plummeted due to Covid-19 containment measures and it hurt the non-oil economy.

On a brighter note, the Kingdom’s gross domestic product (GDP) grew for the first time since the Covid-19 crisis after restrictions eased and oil prices rebounded. China still remained Saudi Arabia’s biggest trading partner in June and accounted for 20 percent of all exports. But imports from Turkey continued to be low after there was an informal blockade by Saudi Arabia,

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