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Saudi, GCC trade exchange down 22% in 5M

Saudi, GCC trade exchange down 22% in 5M
Saudi Arabia's Jubail Commercial Port

Riyadh – Mubasher: Trade exchange between Saudi Arabia and GCC countries witnessed a 22.04% annual retreat during the first five months of 2020, according to data collected by Mubasher.

The exchange value, down SAR 9.82 billion ($2.62 billion), stood at SAR 34.74 billion ($9.26 billion) in the period ended on 31 May, compared with SAR 44.56 billion ($11.88 billion) in the corresponding period in 2019.

This decline was driven by a drop in nonpetroleum exports by 11.6% year-on-year (YoY) during the period under review, with the value of Saudi nonpetroleum exports to GCC states reaching SAR 17.17 billion ($4.58 billion), down from SAR 19.43 billion ($5.18 billion).

At a total of SAR 23.08 billion ($6.16 billion), the UAE accounted for 66.45% of the total trade exchange value during the five-month period in 2020. Meanwhile, Saudi trade with the UAE plummeted 19.2% YoY, given that the mutual exchange amounted to SAR 28.56 billion ($7.62 billion).   

Likewise, the kingdom’s imports from GCC nations slipped 30.1% YoY by the end of May 2020, hitting SAR 17.57 billion ($4.69 billion), compared with SAR 25.13 billion ($6.7 billion), a drop of SAR 7.56 billion ($2.02 billion).

Furthermore, the kingdom’s trade deficit with GCC countries was narrowed by 92.9% in the first five-month period in 2020, registering SAR 404 million ($107.73 million) from SAR 5.71 billion ($1.52 billion).