Saudi Gazette report

DAMMAM — The value of Saudi Arabia’s international trade posted a new record with an annual increase of 48.5 percent after its volume reaching SR516 billion in the first quarter of 2022.

The annual increase in the value of international trade during the year amounted to SR168.6 billion up from SR347.4 billion in the first quarter of 2021 reaching SR516 billion in the first quarter of this year.

International trade recorded continuous growth during the past five years. It rose by 11.1 percent from SR333.094 million to SR370.290 million in 2018.

The increase in 2019 was 3 percent, reaching SR381.279 million, and it jumped in 2020 by 15 percent reaching SR324.053 9 million and in 2021 it increased by 7.2 percent, amounting to SR347.423 million while the increase in 2022 was by 48.5 percent, reaching SR516.051 million.

The Kingdom’s merchandise exports registered a record increase as well, with an annual rise of 72.7 percent, to register exports worth SR359.2 billion, which is the largest value of quarterly exports during the past five years.

The value of annual exports reached SR207.373.8 million in 2017; an increase 17.8 percent in 2018 reaching SR244.235.0 million; an increase of 2 percent in 2019 reaching 249.087.3 million, and a decline in 2020 with the beginning of the coronavirus pandemic reaching SR191.673 million, down by 23.1 percent.

The merchandise exports again recorded a rise in 2021 reaching SR208.031 million, an increase of 8.5 percent, and posted the highest rise during the current year, reaching SR359.276 million.

The Kingdom’s merchandise imports increased during the year 2022 by 12.5 percent, recording an import value of SR156.775 million during the first quarter of this year, which is the largest relative increase recorded by quarterly imports.

Merchandise imports rose from SR125.720 million in 2017 to SR126.055 million in 2018, an increase of 0.3 percent, and rose in 2019 to SR132.191.8 million with a growth of 4.9 percent, to rise in 2020 slightly and reach SR132.380 million, with a relative increase of 0.1 percent, while it rose in 2021 to 139.392 million, an increase of 5.3 percent, to reach SR156.775 million in 2022.