Saudi Arabia’s value of exports amounted to $63.6 billion in Q2 2021, up from $31.9 billion for the same period the previous year, according to the Saudi Press Agency. The increase was attributed mainly to oil exports, which increased 126.1% year-on-year. It also accounted for a higher proportion of total exports; in Q2 2020, oil accounted for 63.9% of exports, rising to 72.5% in Q2 2021.
The General Authority for Statistics’ (GASTAT) International Trade Report also said that non-oil exports increased by 52.1% year-on-year in Q2 2021. Notably, the leaders in the non-oil segment were ‘Plastics and Rubber and Articles Thereof’, which increased by 63.9% year-on-year, and ‘Products of the Chemical or Allied Industries,’ which increased by 61.9% year-on-year. Both of these segments are related to the oil and gas sector and contain petroleum products.
The ratio of non-oil exports to imports increased to 46.6% in Q2 2021 from 34.6% in Q2 2020 as a result of a higher increase in exports of these goods (52.1%) than in imports (12.9%) over that period.
China was the biggest importer of Saudi Arabian goods, accounting for $12 billion (19.4%) of KSA exports. India and Japan followed next. China was also the main source of imports for Saudi Arabia, as imports from the Asian country accounted for 18.2% of Saudi Arabia’s total imports.
