Oil Price Drop Drives Saudi Exports Lower in October
Crude oil leaks from an oil pumping jack in an oil field Russia. (Photographer: Andrey Rudakov/Bloomberg)

Oil Price Drop Drives Saudi Exports Lower in October

Saudi Arabia’s exports fell by nearly a quarter in October from a year earlier, driven largely by a slump in global oil prices.

Exports fell to 57.8 billion riyals ($15.4 billion) from 76.8 billion riyals in 2019, the General Authority for Statistics said in a statement on Thursday. Revenues from oil exports fell by 32.7% during the same period.

Below are some of the highlights from the October trade report:

  • Non-oil exports declined 0.3% to about 18.9 billion riyals, led by a slowdown in chemicals and related industries, where sales abroad dropped 12.5%
  • Share of oil in exports dropped to 67.3% from 75.3%. The average price of Brent crude oil during the month of October dropped by around 30% to over $41 per barrel from the same period a year earlier
  • China was the top destination for Saudi shipments, followed by India and the United Arab Emirates
  • Link to statement here

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