Riyadh – Mubasher: Saudi merchandise exports plunged by 53.6% on a yearly basis in the second quarter (Q2) of 2020, reaching SAR 117.112 billion.
This decrease was largely driven by a 61.8% drop in oil exports, equivalent to SAR 121.047 billion, official data showed on Wednesday.
When compared to the first quarter (Q1-20), total merchandise exports plummeted by 40.8% or SAR 80.732 billion.
In the April-June period, non-oil exports declined by 25.5% year-on-year(YoY) to stand at SAR 42.337 billion. The trade of plastic products shrank by 26.2% YoY (SAR 4.792 billion) whilst chemical products slid by 31% YoY (SAR 5.588 billion).
Non-oil exports decreased by 11.6% when compared to Q1-20.
Merchandise imports retreated by 22.8% YoY in Q2-20, reaching SAR 117.140 billion, compared to SAR 151.819 billion in the year-ago quarter.
This fall is attributed to a drop in many sections including, machinery and mechanical appliances; electrical equipment by 15.1% and vehicles and associated transport equipment by 43.2%.
Imports were down by 5.6% when compared to the previous quarter.
China was Saudi Arabia’s main trading partner for merchandise trade with exports valued at SAR 21.465 billion. South Korea and India followed next with SAR 10.083 billion and SAR 9.028 billion, respectively.