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RIYADH: The surplus in the Saudi foreign trade balance (oil and non-oil) decreased by 59.9 percent year-on-year during 2020, due to the challenges of the Corona pandemic and the drop in oil prices.
According to data issued by the General Authority for Statistics in Saudi Arabia (governmental), on Wednesday, the trade balance surplus reached 44 billion dollars.
The surplus in Saudi Arabia’s trade balance amounted to $ 109.6 billion in 2019.
The value of merchandise exports (oil and non-oil) decreased by 33 percent, to 175.3 billion dollars, and imports fell 13.7 percent, to 131.4 billion dollars.
Of the total exports, the value of “oil” exports to Saudi Arabia, the world’s largest oil exporter, during the aforementioned period, decreased by 39.6 percent, to $ 121.6 billion.
Oil prices were severely affected during the current year as a result of the repercussions of the Coronavirus outbreak on global demand for crude, which is the main source of income for Saudi Arabia.
The merchandise trade surplus (oil and non-oil) of Saudi Arabia decreased by 25.7 percent during 2019 to $ 117.2 billion, compared to $ 157.8 billion in 2018.