Riyadh – Mubasher: Saudi Arabia’s overall merchandise exports grew by 64% to SAR 74.7 billion in March 2021 from SAR 45.6 billion in the same month last year, according to official data on Wednesday.

The annual increase mainly resulted from oil exports, which surged by 75% or SAR 22.4 billion last March. During the month, oil exports represented 70% of Saudi Arabia’s overall exports, compared with 65.6% in March 2020.

On a monthly basis, the overall exports increased by 13.6% or SAR 8.9 billion when compared to February, the General Authority for Statistics (GaStat) said.

Non-oil exports also rose annually in March 2021 by 42.9% to SAR 22.4 billion from SAR 15.7 billion in the corresponding month in 2020. Meanwhile, non-oil exports increased by SAR 3.8 billion, or 20.2%, on a monthly basis.

As for the Kingdom’s imports, they grew by 14% or SAR 6.1 billion to SAR 49.4 billion in March 2021 compared to SAR 43.3 billion in the same month last year.

The ratio of non-oil exports to imports increased to 45.3% in March 2021 from 36.1% in the prior-year month.

China has been Saudi Arabia’s main trading partner for merchandise trade, with exports to the Asian country standing at SAR 14.3 billion while the imports totalled SAR 9.4 billion last March.

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