Saudi oil exports rose 11.8% to 90 billion riyals in November

Data from the General Authority for Statistics in Saudi Arabia showed that commodity exports increased last November by 3.6% to reach 112.8 billion riyals, compared to about 108.8 billion riyals in the same month of 2021.

The authority stated that the increase came as a result of an increase in oil exports by about 9.5 billion riyals, by 11.8%, to reach about 90 billion riyals, compared to about 80.5 billion riyals in November 2021.

The percentage of petroleum exports out of the total exports increased from 74% in November 2021 to 79.8% in November 2022.

Non-oil exports (including re-exports) decreased by 19.7% to 22.7 billion riyals in November 2022, compared to 28.3 billion riyals in November 2021.

According to the Authority’s data, imports increased by 26.5% in November 2022 to about 62.7 billion riyals, compared to 49.6 billion riyals in November 2021.

The trade balance surplus amounted to 50 billion riyals in November 2022, compared to about 59 billion riyals in November 2021, a decline of 15.25%.

On a monthly basis, commodity exports (oil and non-oil) decreased by 7.1%, equivalent to 8.6 billion riyals, compared to October 2022, while the value of imports decreased by 5.1%, equivalent to 3.4 billion riyals, compared to October 2022.