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Saudi Arabia Witnesses Increase in Oil Exports Value

Official data showed today, Tuesday, that the value of Saudi Arabia’s oil exports in June increased 123% to $16.4 billion, while non-oil exports increased by around 41%. 

Overall exports increased by nearly 92% in June compared to a year earlier when international trade was curbed due to lockdowns and travel disruptions related to the coronavirus pandemic, said the General Authority for Statistics.

Oil exports were counted for 72% of total exports in June, up from 62% in June last year, it said.

Saudi Arabia, the world’s biggest oil exporter, was affected last year as oil prices plummeted and COVID-19 pandemic restrictions hit its non-oil economy hard.

However, the country’s gross domestic product grew in the second quarter for the first time since the coronavirus crisis, on the back of the easing of restrictions and rebounding oil prices.

It is worth noting that China remained Saudi Arabia’s main trading partner in June, with exports there amounting to nearly 20% of total exports.