Saudi oil exports in March rise to $14 billion

The value of Saudi Arabia’s oil exports in March rose by 75% year on year to 52.3 billion riyals ($13.95 billion), official data showed on Wednesday.

Non-oil exports increased by 42.9% to 22.4 billion riyals, the General Authority for Statistics said.

Crude exports accounted for 70% of total exports, it said.

Saudi Arabia, the world’s top oil exporter, suffered last year as the pandemic hit energy demand and therefore its state coffers.

The value of monthly oil exports however started increasing late last year and in January topped 53 billion riyals, as oil prices recovered.

China remained Saudi Arabia’s main trading partner in March, with exports to there amounting to 14.3 billion riyals and imports of 9.4 billion riyals, the statistics authority said.

The kingdom’s total export value in March was 74.7 billion riyals.

Saudi imports from Turkey, meanwhile, increased only marginally month on month in March, rising to 27 million riyals from 24.5 million riyals, well below their amount last year after an informal blockade by Saudi Arabia.

Photo: EPA-EFE