2023-04-16 12:29:33
The Saudi trade balance surplus decreased by 32.4% during January and February
The surplus of the foreign trade balance (oil and non-oil) in Saudi Arabia fell by 32.4% year on year, during the first two months of this year.
According to data issued by the Saudi General Authority for Statistics (governmental), today, Sunday, the trade balance surplus amounted to $22.1 billion during January and February 2023, down from about $32.6 billion during the corresponding period of 2022.
The value of merchandise exports (oil and non-oil) decreased by 7.6%, to $55.2 billion, while imports increased by 22.3%, to $33.1 billion.
The value of “oil” exports to Saudi Arabia, the world’s largest oil exporter, declined during the aforementioned period, by 6.9%, to $43.3 billion.
It is noteworthy that oil prices rose significantly during the corresponding period of 2022, while they are currently trading near $85 a barrel.
The merchandise trade surplus (oil and non-oil) for Saudi Arabia rose by 80.1% during 2022 to $222.1 billion, compared to $123.3 billion in 2021.
(Anatolia)
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