The Saudi trade balance surplus will drop by 61.5% in 2020

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The surplus in Saudi Arabia’s foreign oil and non-oil foreign trade balance decreased by 61.5% year-on-year during the first 11 months of 2020.

According to data issued by the General Authority for Statistics in Saudi Arabia, today, Sunday, the trade balance surplus reached 38.7 billion dollars.

The surplus in the trade balance of Saudi Arabia during the corresponding period of 2019 was about $ 100.4 billion.

The value of merchandise exports decreased by 33.9% to $ 158.1 billion, and imports fell 13.9% to $ 119.4 billion.

The value of “oil” exports to Saudi Arabia, which is ranked the largest oil exporter in the world, during the mentioned period decreased by 40.6% to 109.2 billion dollars.

Oil prices have been hit hard over the past year. As a result of the repercussions of the “Corona” virus outbreak on global demand for crude, which is the main source of income for Saudi Arabia.

Saudi Arabia’s merchandise trade surplus decreased by 25.7% in 2019 to $ 117.2 billion, compared to $ 157.8 billion in 2018.





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