Saudi Gazette report

RIYADH — As a result of the increase in oil exports by SR62.9 billion, or 123.0%, the merchandise' value exports to Saudi Arabia recorded about SR142.2 billion during March 2022, compared to SR73.6 billion in March 2021, the General Authority for Statistics (GASTAT) announced.

The GASTAT said that the percentage of oil exports out of the total exports has increased from 69.5% in March 2021 to 80.2% in March 2022. While the merchandise' value exports to Saudi Arabia recorded an increase compared to February 2022 by SR33.2 billion, or 30.5%.

With regard to non-oil exports in the Kingdom, it recorded an increase during March 2022, with a value of SR28.2 billion, compared to SR22.5 billion in March 2021, which means that it has recorded an increase of SR5.7 billion, by 25.4%. While it recorded an increase of SR3.2 billion, or 12.8%, compared to February 2022.

The value of the Kingdom's merchandise imports during the month of March of 2022 has recorded an increase to SR55.2 billion, compared to March 2021 when it amounted to SR50.3 billion at the time, which resulted in an increase of SR4.9 billion, or 9.8%.

The imports' value has also increased, compared to February 2022, by SR6.1 billion, or 12.5%.

As a result of the increase in the oil exports in Saudi Arabia by SR133.6 billion, or 90.3%, the GASTAT indicated that the value of the Kingdom's merchandise exports amounted to about SR359.3 billion in the first quarter (Q1) of 2022, compared to SR208.0 billion in the same period in 2021, with an increase of 72.7%.

The total increase in the percentage of petroleum exports out of total exports reached from 71.1% in the first quarter of 2021 to 78.3% in the first quarter of 2022, the GASTAT said, noting that the merchandise exports' value had recorded an increase compared to the Q4 of 2021 by SR37.4 billion, or 11.6%.

Non-oil exports recorded an increase from SR60.1 billion to SR77.8 billion, or 29.4%. While the non-oil exports' value decreased by SR4.4 billion, or 5.4%, compared to the Q4 of 2021.

The GASTAT indicated that imports have witnessed a 12.5% increase, amounting to SR17.4 billion, and a value of SR156.8 billion in the Q1 of 2022, compared to the Q1 of 2021, which amounted to SR139.4 at that time.

The imports' value has also recorded an increase compared to the Q4 of 2021, by SR8.2 billion, or 5.5%.