05/11/2017
The Saudi trade balance recorded a surplus of 203.8 billion riyals
during the first eight months of this year, up 181 per cent and a value
of 131.2 billion riyals over the same period of 2016 of 72.6 billion
riyals.
According
to the analysis of the unit of reports,,
based on the data of the General Organization for Statistics, the
surplus resulted from the increase of exports by 21 percent, worth 90.2
billion riyals, to 522.8 billion riyals, while about 432.6 billion
riyals in the first eight months of 2016.
While imports fell by 11 percent, worth about 41 billion riyals, to
about 319.1 billion riyals, while it was 360 billion riyals during the
first eight months of 2016.
The Saudi trade balance recorded a surplus for the 18th consecutive
month, at 29.2 billion riyals during the month of August, after exports
amounted to 67.3 billion riyals, compared with imports of about 38.1
billion riyals.
Exports rose 12 percent (Rls 7.2 billion) year-on-year, to Rls 60.2 billion in August 2016.
While imports fell by 14 percent, from 44.1 billion riyals in August last year.
The monthly surplus in the trade balance was due to the increase in
the value of oil exports by 13.5 percent to reach 50.3 billion riyals in
August compared to 44.2 billion riyals in the same period in 2016, an
increase of 6.1 billion riyals.
The increase in the surplus in August 2017 was due to an increase of
17.6 percent (Rls 2.6 billion) to Rls 17 billion compared to Rls 14.5
billion in the same period of 2016.
The analysis revealed that oil exports accounted for about 80 per cent
of Saudi Arabia's total exports, while non-oil exports accounted for 20
per cent.
According
to the analysis, Saudi Arabia's revenues from its oil exports rose by
28% to SR 90 billion in 2017 compared to SR 314 billion in the same
period of 2016 .
The
analysis, based on data from the Joint Oil Data Initiative (JDI),
indicated that Saudi oil exports during the month of August reached 6.7
million barrels per day, while Brent crude prices rose 2.23 percent
yesterday, adding 1.32 dollars SR 4.95 per barrel of oil exported.
Saudi
Arabia's oil export revenues increased by 6.5 percent compared to the
same period in 2016, reaching 56.1 million barrels in the first eight
months of this year, while the figure was 60.1 million barrels in the
same period. From last year.
The rise in revenues came despite the drop in the amount of oil
exported as a result of the significant improvement in oil prices during
the year, compared to last year, thanks to the agreement to cut
production led by Saudi Arabia.
According to the analysis, the Saudi trade balance recorded a surplus
of 174.1 billion riyals in 2016, after exports reached about 683.6
billion riyals, against imports worth 509.6 billion riyals with a trade
exchange of 1.19 trillion riyals.
The
value of oil exports recorded a decline of 11 percent (62 billion
riyals) during the last year 2016, to reach about 511 billion riyals,
compared to about 573 billion riyals in 2015, due to the decline in oil
prices. Oil exports include "mineral fuels, metal ores and distillation products, continental materials and metal waxes".
Exports of domestic commodities consist of "national exports" and
exports of foreign goods, while the valuation is based on
FOB delivery.
National
exports include all goods that have been produced or manufactured
locally or have undergone industrial processes that have changed their
form and value. Re-exports refer to exports of previously imported goods
without any clear modifications.
