Saudi shipping firm Bahri posts 49% surge in first-quarter profit

RIYADH: Saudi non-oil exports including re-exports surged 31 percent year-on-year in February 2022 to hit SR24.4 billion ($6.52 billion), up from SR18.7 billion in the corresponding period last year, according to the General Authority for Statistics, also known as GASTAT. 

The figures include re-exports.

Non-oil exports were driven mainly by chemical products which jumped 80 percent year-on-year with a share contribution to total non-oil merchandise exports of 35.7 percent.

In February Saudi Arabia exported SR8.7 billion worth of chemical products — SR3.9 billion more than in the same month of 2021.

Exports of plastics also rose — by 20 percent year-on-year — to SR7.6 billion.

However, compared to January 2022 it saw a decrease of SR308 million.

The share of this group in total non-oil merchandise exports stood at 31.1 percent in February 2022. 

Compared to January 2022, non-oil exports including re-exports slipped by SR0.2 billion – or 0.7 percent. 

The ratio of non-oil exports to imports increased to 50.6 percent in February 2022, up from 45.7 percent a year earlier.

This comes as Saudi non-oil imports increased 18.2 percent over the same period, demonstrating a slower rate of growth when compared to non-oil exports. 

Saudi Arabia’s total exports in February 2022 amounted to SR108.4 billion in, up from SR65.8 billion during the same period last year.

Such an impressive growth is mainly attributed to oil exports which climbed 78.1 percent over the same period and contributed SR36.8 billion to the Kingdom’s total exports.

Total merchandise exports, on the other hand, rose just slightly by SR0.3 billion — or 0.3 percent — in February in comparison to January.

Merchandise imports increased 18.2 percent — or SR7.4 billion — in February 2022 on a year-on-year basis.

However, when compared to January 2022, merchandise imports reported a decrease of 7.8 percent — or SR4.1 billion.

The value of imports amounted to SR48.3 billion in February 2022 compared to SR40.8 billion in the same month a year ago.