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Saudi Arabia's non-oil exports hit SAR 77.8bn in Q1-22

Saudi Arabia's non-oil exports hit SAR 77.8bn in Q1-22
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Riyadh - Mubasher: Saudi Arabia's non-oil exports amounted to SAR 77.8 billion in the first quarter (Q1) of 2022, up 29.4% year-on-year (YoY) from SAR 60.1 billion in Q1-21.

The total merchandise exports hiked by 72.7% to SAR 359.3 billion in Q1-22, compared to SAR 208 billion in the year-ago period, according to a press release on Wednesday.

Higher exports are driven by a 90.3% rise in oil exports, which accounted for 78.3% of total exports.

Meanwhile, Saudi Arabia recorded merchandise imports worth SAR 156.8 billion in the first three months (3M) of 2022, 12.5% higher than SAR 139.4 billion in the same period of 2021.

China has led the destinations for exports of Saudi Arabia with SAR 60.5 billion, followed by India and Japan with SAR 41.4 billion and SAR 37.6 billion, respectively.