Weak oil prices pushed Saudi export revenue down 25% in October
(Bloomberg) --Saudi Arabia’s export revenue 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
