Value of Saudi oil exports soars, boosting economy

The value of Saudi oil exports soared in October 2021, according to newly released data from the kingdom’s General Authority for Statistics.

The figures showed a year-on-year increase in the value of oil exports of 123 percent. Oil export value rose from 36.9 billion Saudi riyals (US$9.82 billion) in October 2020 to 82.4 billion Saudi riyals (US$21.97 billion) in October 2021.

Oil made up 77.6 percent of Saudi Arabia's total exports in October 2021, up from 66.1% a year earlier.

Non-petroleum exports rose in value by 25.5 percent, bringing the total value of the kingdom’s exports to 106.2 billion riyals (US$28.27 billion) in October 2021 compared to 55.9 billion riyals (US$14.88 billion) in the same month of the previous year – an increase of 90 percent.

Imports totalled 46.3 billion riyals, meaning that the country achieved a balance of payments surplus of 59.9 billion riyals.

China was Saudi Arabia’s top trading partner this year, accounting for 18 percent of exports and 20 percent of imports.

Saudi Arabia this year saw its first budget surplus since 2013 and the Saudi economy is currently growing at its fastest rate in nine years. GDP rose by 7 percent in the last quarter of 2021, and is expected to rise by 7.4 percent in 2022.

According to the General Authority for Statistics, most of this growth is due to the kingdom’s increased oil output and the global increase in oil prices.