Saudi foreign trade surplus falls more than 60%

SANAA, July 25 (YPA) – The surplus of the Saudi foreign trade balance (oil and non-oil) fell by 60.3% year on year, during the first five months of 2020.

According to Anadolu Agency, based on data issued by the General Authority for Statistics in Saudi Arabia (government), the trade balance surplus amounted to $ 19.9 billion, after that surplus had reached during the same period of 2019 about $ 50.2 billion.

The value of merchandise exports (oil and non-oil) decreased by 36.2% to 72.4 billion dollars, and imports fell 17.1% to 52.5 billion dollars.

The value of oil exports to Saudi Arabia decreased by 40% to $ 52.75 billion.

Oil prices have suffered significantly during the current year, as a result of the consequences of the outbreak of the “Corona” virus on the global demand for crude, which is the main source of income for Saudi Arabia

It is worth noting that Saudi Arabia’s trade surplus (oil and non-oil) fell by 25.7% during 2019 to $ 117.2 billion, compared to $ 157.8 billion in 2018.