RIYADH, 22 December – Saudi Arabia’s non-oil exports grew more than 4% year-on-year (YoY) in October 2022 to reach SAR24.9 billion riyals ($6.6 billion), data released by the Saudi General Authority for Statistics on Thursday showed.
Total exports during the month increased by 14% YoY to SAR120.7 billion. This was due to higher oil exports which rose by 16.6%, or SAR13.7 billion. Non-oil exports mainly comprised chemical and allied industries, accounting for 41% of the total non-oil merchandise exports.
However, compared to September 2022, total exports fell 3.6% or SAR4.5 billion. Saudi Arabia’s exports growth has been falling month on month from a peak rise of nearly 99% in April 2022.
Meanwhile, total imports increased by 39% in October to SAR63.9 billion compared to SAR 46.6 billion in the same period last year, giving the country a positive trade balance of SAR57 billion. Total imports have been rising since July.
According to recent data from the Joint Organizations Data Initiative (JODI), the kingdom’s crude exports grew 52,000 barrels per day (b/d) to 7.77 million b/d in October, a 30-month high.
Saudi Arabia has been enjoying the benefits of elevated oil prices since the Ukraine-Russia conflict drove commodity prices higher.
However, prices are expected to soften in 2023 on weaker demand and ample supply.
Citi Research lowered its oil price forecast for 2023 from $88 per barrel to $80/bbl, saying a “soft floor” could be found at $70/bbl. — Zawya