Riyad September 7 2021: General Authority for Statistics Kingdom of Saudi Arabia reported that the overall merchandise exports increased by 99.4% in Q2 2021 compared to Q2 2020 when international trade was impacted by Covid-related lockdowns and travel bans in numerous countries.
The value of exports amounted to 238.6 billion riyals in Q2 2021, up from 119.7 billion riyals in Q2 2020. This increase originated mainly from oil exports, which rose by 96.5 billion riyals or 126.1% in the same period. The share of oil exports in total exports increased from 63.9% (Q2 2020) to 72.5% (Q2 2021).
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Compared to the previous quarter (Q1 2021), total merchandise exports increased by 26.1 billion riyals, or 12.3%. Non-oil exports increased by 52.1% year-on-year in Q2 2021, rising to 65.7 billion riyals from 43.2 billion riyals in Q2 2020. Of the essential non-oil goods, ‘Plastics and Rubber and Articles Thereof’ (34.3% of non-oil merchandise exports) increased by 63.9% (8.8 billion riyals), and ‘Products of the Chemical or Allied Industries’ (31.0% of non-oil merchandise exports) increased by 61.9% (7.8 billion riyals) from Q2 2020. Non-oil exports increased compared to the previous quarter (Q1 2021) by 5.6 billion riyals, or 9.4%. Merchandise imports increased by 12.9% (16.1 billion riyals) in Q2 2021. The value of imports amounted to 140.9 billion riyals in Q2 2021 compared to 124.8 billion riyals in Q2 2020. This increase was due to many sectors compared to Q2 2020, mainly ‘Vehicles and Associated Transport Equipment’ (26.8%) and ‘Pearls; Precious Stones; Imitation Jewelry (452.2%). Imports also increased compared to the previous quarter (Q1 2021), by 1.4 billion riyals or 1.0% (1).
The ratio of non-oil exports to imports grew to 46.6% in Q2 2021 from 34.6% in Q2 2020, owing to more significant growth in non-oil exports (52.1%) than imports (12.9%) during that period (2).