Saudi Arabia’s imports jumped an annual 19.6 % in August, ending nine consecutive months of declines, while growth in nonoil exports accelerated to 22.2 %, data from the Central Department of Statistics and Information showed.
Nonoil exports account for around 12 % of overall exports of Saudi Arabia, according to Arab News.
Saudi Arabia does not release complete trade data on a monthly basis. Trade data are often revised by the statistics office.
%age changes are Reuters calculations based on the official data.
Analysts polled by Reuters in September forecast Saudi Arabia’s current account surplus at 15.2 % of gross domestic product in 2014 and 11.5 % in 2015.
A recent report from Jadwa Investment said nonoil exports maintained robust year-on-year growth in July while imports declined for the third consecutive month in July in both absolute and year-on-year terms (down by $4.8 billion month-on- month and 17 %, respectively).
New letters of credit opened by the private sector at commercial banks point to a possible reversal in demand for imports over the coming months, according to the Jadwa chart book.
Nonoil exports account for around 12 % of overall exports of Saudi Arabia, according to Arab News.
Saudi Arabia does not release complete trade data on a monthly basis. Trade data are often revised by the statistics office.
%age changes are Reuters calculations based on the official data.
Analysts polled by Reuters in September forecast Saudi Arabia’s current account surplus at 15.2 % of gross domestic product in 2014 and 11.5 % in 2015.
A recent report from Jadwa Investment said nonoil exports maintained robust year-on-year growth in July while imports declined for the third consecutive month in July in both absolute and year-on-year terms (down by $4.8 billion month-on- month and 17 %, respectively).
New letters of credit opened by the private sector at commercial banks point to a possible reversal in demand for imports over the coming months, according to the Jadwa chart book.
Source:
Mubasher
