Saudi exports rise 80% in 2021, and Non-oil exports also grew by 18% year-on-year in July. A good sign of recovery.
The rise in export Saudi:
2021 ending up in high notes for Saudi Arabia. Figures are inspiring. Yes, Saudi exports rise 80% in 2021. It is touching SR91.8 billion ($24.5bn) number this year.
Export number of 2021 first six months:
The kingdom’s International Trade news credited the surge to the 112.1 per cent increase in oil exports during this year in the first six months.
Other good exports:
Non-oil exports grew by 17.9 per cent year-on-year in July 2021. Rising to SR20.8bn from SR17.6bn in the same period last year. Oil exports advanced to manage total exports, with their share rising from 65.5 per cent in July 2020 to 77.4 per cent this July.
China’s role is big in these numbers. Nevertheless, it is the most prominent export destination for the first half of 2021, followed by Japan, India, South Korea, UAE, and the US. The number of imports into the kingdom registered an improvement, amounting to SR45.5bn in July compared to SR40.2bn in 2020.
The rise of 45% in imports, China biggest importer:
The ratio of non-oil exports to imports rose to 45.5 per cent in July from 43.7 per cent in July 2020. China is the biggest importer into Saudi Arabia, supported by the US, UAE, India, Germany, and Japan.
The numbers come a month after Saudi Arabia began an international tendering service that aims to open new possibilities for companies to grow overseas.
Saudi Export Development Authority (Saudi Exports):
It launched a new service to improve the competitiveness of Saudi troops in several sectors. The movement also aims to help Saudi Vision 2030 and its goals, including raising the share of non-oil exports from 16 per cent to 50 per cent.
The launch comes as part of a better trading push by Saudi Arabia after the kingdom recorded a double-digit gain in the first quarter of 2021.