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Saudi Arabia’s non-oil exports down 10.8% in 2020

Saudi Arabia’s non-oil exports down 10.8% in 2020
Saudi Arabia's overall merchandise exports in 2020 shrank 33.5%

Riyadh – Mubasher: Saudi Arabia’s non-oil exports decreased by 10.8% year-on-year (YoY) to SAR 204.4 billion in 2020 from SAR 229.2 billion, according to a recent report.

Plastics, rubber, and articles thereof, which represent 30.7% of non-oil merchandise exports, decreased by 13.9% on an annual basis.

The Kingdom’s overall merchandise exports in 2020 shrank 33.5% to SAR 652.0 billion, from SAR 981.0 billion in 2019. The annual decline was mainly from oil exports, which decreased by SAR 304.2 billion or 40.5% YoY.

Meanwhile, merchandise imports were down 9.9% or SAR 56.9 billion last year, reaching SAR 517.5 billion compared with SAR 574.4 billion in 2019.

As for the ratio of non-oil exports to imports, it decreased to 39.5% in 2020 from 39.9% in 2019.

Last year, China has been Saudi Arabia’s main trading partner with a value amounting to SAR 120 billion riyals, followed by Japan and India with SAR 62.3 billion and SAR 60.2 billion, respectively.

Last February, the Kingdom has recorded a trade balance surplus of SAR 25.4 billion, compared with SAR 20.8 billion in the same month in 2020.