$24 billion Saudi oil exports in November

$24 billion Saudi oil exports in November
$24 billion Saudi oil exports in November
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The data stated that the value of petroleum exports during the month of November 2022 amounted to 90 billion riyals (equivalent to 24 billion dollars), compared to 81 billion riyals during the month of November 2021, with an increase of 9 billion riyals, with a growth rate of 11.1 percent.

According to the results of the bulletin, the value of non-oil exports (including re-exports) during November 2022 amounted to about 23 billion riyals, compared to 28 billion riyals during November 2021, with a decrease of 5 billion riyals, a decrease of 17.9 percent.

While the value of merchandise imports to Saudi Arabia increased during November 2022 by 26 percent to reach 63 billion riyals, compared to 50 billion riyals during November 2021, with a growth rate of 13 billion riyals.

Saudi economy

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The Saudi economy grew in the third quarter of 2022 by 8.8 percent, compared to the corresponding quarter of last year 2021.

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This growth was supported by the increase in oil activities by 14.2 percent and non-oil activities by 6 percent. Government activities also recorded a growth of 2.5 percent on an annual basis.

Saudi Arabia also revised the GDP forecast for 2022 to 8.5 percent, from the previous rate at 8 percent, according to Saudi Finance Minister Muhammad Al-Jadaan, as he stated last December that the adjustment is largely driven by the activity of the non-oil private sector, which is expected to grow by about 6 percent annually over the next three to five years.

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