Saudi Arabian shipping company Bahri sees 49% increase in first-quarter profits

RIYADH: Saudi non-oil exports, including re-exports, jumped 31% year-on-year in February 2022 to SR24.4 billion ($6.52 billion), from SR18.7 billion during the corresponding period of last year, according to the General Statistics Authority, also known as GASTAT.

Figures include re-exports.

Non-oil exports were driven mainly by chemicals which jumped 80% year-on-year with a contribution to total non-oil merchandise exports of 35.7%.

In February, Saudi Arabia exported SR8.7 billion worth of chemicals, SR3.9 billion more than in the same month of 2021.

Plastics exports also increased – by 20% year-on-year – to SR 7.6 billion.

However, compared to January 2022, it recorded a decrease of SR308 million.

The share of this group in total non-oil merchandise exports stood at 31.1% in February 2022.

Compared to January 2022, non-oil exports, including re-exports, decreased by SR 0.2 billion or 0.7%.

The ratio of non-oil exports to imports rose to 50.6% in February 2022 from 45.7% a year earlier.

This comes as non-oil Saudi imports increased by 18.2% over the same period, showing a slower growth rate compared to non-oil exports.

Saudi Arabia’s total exports in February 2022 amounted to SR 108.4 billion, compared to SR 65.8 billion in the same period last year.

Such impressive growth is mainly attributed to oil exports which soared by 78.1% over the same period and contributed SR36.8 billion to the Kingdom’s total exports.

Total merchandise exports, on the other hand, rose only marginally by SR 0.3 billion – or 0.3% – in February from January.

Merchandise imports increased by 18.2% – or SR 7.4 billion – in February 2022 on an annual basis.

However, compared to January 2022, imports of goods registered a decline of 7.8% or SR 4.1 billion.

The value of imports stood at SR48.3 billion in February 2022, compared to SR40.8 billion in the same month a year ago.

About Mike Stevenson

Check Also

Kipco acquires Qurain Petrochemical Industries to strengthen its financial position

RIYADH: Saudi Arabia’s Saline Water Conversion Corp. will open six desalination plants by 2024 in …