Saudi oil export revenues recorded a big jump in January 2022

China continued to be at the forefront of the main destinations for Saudi exports during the month of January of this year

Riyadh: The oil export revenues of Saudi Arabia have recorded a large jump during the month of January, according to government data issued by the Saudi General Authority for Statistics (GaStat). The data showed an increase in Saudi oil export revenues in January 2022 by 57.5 per cent compared to the same period in 2021.

The report on the Kingdom’s foreign trade during January 2022, issued on Thursday, March 25, indicated that merchandise exports rose by 49.6 per cent on an annual basis.

Value of Saudi oil exports

The value of Saudi exports in January 2022 amounted to about 107.6 billion Saudi riyals, up from 71.9 billion Saudi riyals in January 2021.

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Saudi petroleum exports recorded an increase of 30.5 billion riyals ($8.13 billion), at a rate of 57.5 per cent, while the proportion of petroleum exports out of total exports increased from 73.7 per cent in January 2021 to 77.6 per cent n January 2022.

Non-oil exports

The report of the Saudi Statistics Authority revealed an increase in the value of merchandise exports in January compared to December 2021 by 1 billion riyals.

In January 2022, non-oil exports increased by 27.5 per cent (24.1 billion riyals) compared to January 2021 (18.9 billion riyals).

The report showed a decrease in the value of non-oil exports compared to December 2021 by 5.5 billion riyals or 18.5 per cent.

Export destinations

China continued to be at the forefront of the main destinations for Saudi exports, during the month of January of this year. The value of Riyadh’s exports to Beijing amounted to about 17.3 billion riyals; this represents 16.1 per cent of total exports.

Followed by India and South Korea, with a value of 11.9 billion riyals, at 11.1 per cent, and 11.1 billion riyals, at 10.4 per cent of the total exports, respectively.

Japan, the United Arab Emirates, the United States of America, Taiwan, Singapore, Egypt and Bahrain were among the top ten countries to which it was exported.

Total Saudi exports to the ten countries amounted to about 76 billion riyals; this represents 70.7 per cent of the total exports.

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