Saudi Second-Quarter Exports Jump on Eased Lockdown, Oil Rally
(Bloomberg) -- Saudi Arabia’s exports rose 99.4% during the second quarter of the year on an annual basis, driven mainly by the easing of Covid-19 lockdown measures and a recovery in oil prices.
Total revenue was 238.6 billion riyals ($63.6 billion), up from around 120 billion riyals a year earlier, according to a statement by the General Authority for Statistics on Tuesday. Oil exports rose 126% during the quarter.
- Non-oil exports increased by 52% year-on-year to about 66 billion riyals from nearly 43 billion riyals.
- Plastic and rubber products amounted to more than 34%, the biggest portion in non-oil exports.
- The share of oil exports in the total number increased to 72.5% from 64% a year ago.
- China was the biggest export destination in the second quarter, followed by India, Japan, South Korea, the U.S. and the United Arab Emirates.
- Revenue during June increased about 92% year-on-year to 85 billion riyals.
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