The surplus of Saudi Arabia’s foreign trade balance (oil and others) increased by 191.3 percent on an annual basis, during the first half of 2022. According to the Saudi General Authority for Statistics (governmental), the trade balance surplus amounted to $124.6 billion. While the surplus of the trade balance of Saudi Arabia amounted during the corresponding period between January (January) and June (June) 2021, about 42.8 billion dollars.
The value of merchandise exports (oil and others) rose 80.8 percent to $212.2 billion, while imports rose 17.4 percent to $87.6 billion. While the value of oil exports to Saudi Arabia, the world's largest oil exporter, during the mentioned period rose 100.8 percent to $168.3 billion.
Oil prices were badly affected during 2020 and 2021 as a result of the repercussions of the Coronavirus outbreak on global crude demand, which is the main source of income for Saudi Arabia, but then recovered, exceeding $95 at the present time. The commodity trade surplus (oil and others) of Saudi Arabia rose 248.1 percent during 2021 to $124.8 billion, compared to $35.9 billion in 2020. In detail, the value of non-oil merchandise exports in Saudi Arabia during June of this year increased by 26.8 percent, to reach 30 billion riyals, compared to 24 billion riyals during June 2021, an increase of 6 billion riyals.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
