* Ikrami Abdullah from Riyadh
Saudi Arabia's foreign trade increased during the first 10 months of 2018 by 28 percent by about SR 297.7 billion to reach 1.36 trillion riyals, compared to 1.06 trillion riyals in the same period of 2017.
The trade balance of Saudi foreign trade during the period recorded a surplus of about SR 502.9 billion, up 109 per cent, and equivalent to 262.3 billion riyals, compared to the surplus of SR 240.6 billion that is recorded in the same period in 2017.
According to the analysis of the report unit in the newspaper "AlEqtisadiah" that based on official data, the increase in the surplus in the Saudi trade balance came as a result of the increase of exports by 43%, which is amounting to 280 billion riyals, in order to reach 930.9 billion riyals, while it was about 650.9 billion riyals in the first ten months of 2017.
Imports rose slightly by 4.3 percent, worth 17.7 billion riyals, to reach about 428 billion riyals, while it was 410.3 billion riyals in the first ten months of 2017.
Saudi Arabia's revenues from its oil exports during the first 10 months of 2018 rose by 43.1 per cent to SR 221.8 billion to reach 736.4 billion riyals in the first ten months of 2018 compared to about 514.6 billion riyals in the same period of 2017.
There is a rise in oil revenues due to the rise in oil prices during the first eight months of 2018,
Compared to the same period of the previous year, in addition to the high quantity exported.
On a monthly basis, the Saudi trade balance recorded a surplus for the 32-month period, at SR 70.3 billion during the month of October, after exports amounted to about 114 billion riyals against imports by about 43.7 billion riyals.
The commodity trade balance in Saudi Arabia during 2017 recorded a surplus of 340.9 billion riyals, up 104.1 per cent to SAR 173.9 billion, compared with a surplus of 201 billion riyals in 2016.
The surplus in 2017 resulted from a 21 percent increase in exports, up 144 billion riyals to 829 billion riyals, while it was about 685 billion riyals in 2016.
Imports declined by 5.8 per cent that worth about 30 billion riyals to reach about 488 billion riyals, while it was about 518 billion riyals in 2016.
Saudi Arabia's revenues from its oil exports rose by 25.1 percent in 2017, equivalent to about 128 billion riyals, to reach the value of oil exports 638.4 billion riyals compared to about 510.5 billion riyals in 2016.
Oil exports accounted for 77 percent of Saudi Arabia's total exports in 2017, while non-oil exports accounted for 23 per cent.
Non-oil exports rose by 8.9 percent in 2017, equivalent to about 15.5 billion riyals, to reach 190.5 billion riyals, compared to 175 billion riyals in 2016.
While non-oil imports declined by 5.1 percent in 2017, equivalent to about 26 billion riyals, to reach 488 billion riyals, compared to about 514 billion riyals in 2016.
Exports of domestic goods are made up of "national exports" and exports of foreign goods "re-export", as the evaluation is based on the FOB delivery basis.
National exports include all goods that have been produced or manufactured locally, or which have undergone industrial processes that have changed their form and value.
However, re-export is referring to exports of previously imported goods without any clear modifications.
* Economic Reports Unit
