Saudi Gazette report

RIYADH — Saudi merchandise exports soared by 120 percent in May this year, reaching SR82.2 billion, compared to SR37.3 billion in May 2020, according to the data released on Wednesday by the General Authority for Statistics (GASTAT).

In its monthly report, the authority noted that the slump in exports in May 2020 was mainly caused by the lockdown and travel ban following the outbreak of the COVID-19 pandemic. The statistics authority attributed the increase in merchandise exports to the rise in petroleum exports by SR35.8 billion (146.7 percent) last May, reaching SR60.16 billion, compared to SR24.39 billion in May 2020.

The percentage of petroleum exports out of total exports increased from 65.3 percent in May 2020 to 73.2 percent in May 2021. The value of merchandise exports increased by SR10.5 billion (14.6 percent) compared to April 2021, the report said.

The authority stated that non-oil exports rose by 70 percent to about SR22.01 billion in May 2021, compared to SR12.95 billion in May 2020. The most important commodities in non-oil exports were plastics, rubber and their products equivalent to 35.4 percent of the total non-oil exports, and it rose by SR3.5 billion (82.9 percent), and the chemical industry products increased by 86.4 percent (31.7 percent) of the total non-oil exports.

As for imports, they rose by 20.3 percent, equivalent to SR7.5 billion, reaching SR44.4 billion in May 2021, compared to SR36.9 billion in May 2020, as a result of the increase in commodity prices compared to May 2020. The most important among the imported products were transportation equipment and its parts by 36.4 percent, and metal products by 139.3 percent. The value of imports decreased by about SR5.4 billion (10.8 percent) compared to the previous month of April, the report pointed out.