- December 26, 2021
- Posted by: Stratford Team
- Category: Economy
Saudi Arabia’s exports almost doubled in October, boosted by the continued global economic recovery and higher hydrocarbon prices that lifted the value of oil exports from the kingdom.
Overall exports from the Arab world’s biggest economy climbed 90 per cent on annual basis in October to 106.2 billion riyals ($28.32bn), up from 55.9bn riyals recorded during the same period in 2020, according to data from the kingdom’s General Authority for Statistics. Month-on-month, total merchandise exports increased by 11.5bn riyals, or 12.2 per cent, from the September level.
“This increase originated mainly from oil exports, which rose by 45.5bn riyals, or 123 per cent in the same period”, as the share of oil exports in total exports from the country jumped to 77.6 per cent in October from 66.1 per cent in the same period last year, said the authority’s monthly trade report.
Saudi Arabia’s economy has rebounded strongly as oil prices soared amid continued…
