The value of Saudi Arabia’s oil exports in May increased 147% to just over 60 billion riyals ($16 billion) from a year earlier while non-oil exports rose by 70%, official data showed on Wednesday.
“Overall merchandise exports increased by 120.1% in May 2021 compared to May 2020, when international trade was impacted by COVID-related lockdowns and travel bans in numerous countries”, the General Authority for Statistics said.
Oil exports accounted for 73.2% of total exports, up from 65.3% in May last year.
Non-oil exports rose to 22 billion riyals from 12.9 billion riyals in May 2020.
Saudi Arabia, the world’s top oil exporter, suffered last year as the COVID-19 pandemic hit energy demand and its state coffers as a result.
China remained Saudi Arabia’s main trading partner in May, with Saudi exports there corresponding to 21.4% of total exports.
Source: Reuters (Reporting by Davide Barbuscia; Editing by Steve Orlofsky)