Saudi Arabia's oil exports climb 147% to $16 billion in May

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FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov

DUBAI (Reuters) – The value of Saudi Arabia’s oil exports in May increased 147% to just over 60 billion riyals ($16 billion) from a year earlier while non-oil exports rose by 70%, official data showed on Wednesday.

“Overall merchandise exports increased by 120.1% in May 2021 compared to May 2020, when international trade was impacted by COVID-related lockdowns and travel bans in numerous countries”, the General Authority for Statistics said.

Oil exports accounted for 73.2% of total exports, up from 65.3% in May last year.

Non-oil exports rose to 22 billion riyals from 12.9 billion riyals in May 2020.

Saudi Arabia, the world’s top oil exporter, suffered last year as the COVID-19 pandemic hit energy demand and its state coffers as a result.

China remained Saudi Arabia’s main trading partner in May, with Saudi exports there corresponding to 21.4% of total exports.

($1 = 3.7504 riyals)

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