Oil Price Fall Drags Saudi Exports Lower in October

Saudi Arabia’s exports declined by almost a quarter in October year over year due to a fall in global oil prices. Exports were down to 57.8 billion riyals or $ 15.4 billion from 76.8 billion riyals in 2019. Revenues from oil exports fell by 32.7% in the same period.

• Non-oil exports fell 0.3% to about 18.9 billion riyals due to slowdowns in chemicals and related industries, where sales abroad dropped 12.5%
• Share of oil in exports declined to 67.3% from 75.3% as the average price of Brent dropped by around 30% to over $41 per barrel year over year.
• China was the top destination for Saudi shipments, followed by India, and the United Arab Emirates.

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