Saudi Arabia’s non-oil export surges 23.1% to reach $15.9bn in Q1 2021

By Amirtha P S, Desk Reporter
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Saudi Arabia’s non-oil exports increased by 23.1 percent year-over-year in the first quarter of 2021 to $15.9 billion, according to the General Authority for Statistics (GASTAT).

In Q1 2021, the share of non-oil exports in total exports increased to 28.2 percent from 25.4 percent in the first quarter of 2020. The value of exports amounted to $56.62 billion in Q1 2021, $5.52 billion higher than the same period of last year. The growth is mainly due to oil exports, which rose 6.6 percent in the same period.

The share of oil exports in total exports decreased from 74.6 percent in Q1 2020 to 71.8 percent in Q1 2021. Compared to Q4 of last year, total merchandise exports increased by $8.64 billion. Meanwhile, imports to the Kingdom increased 4 percent to $36.71 billion, giving a trade surplus of $19.9 billion, the third consecutive quarter of surplus.

In Q1 2021, exports to China amounted to $10.37 billion, making the Asian country the main destination for exports of Saudi Arabia. Japan and India followed next with $5.9 billion and $5.1 billion, respectively.

South Korea and the UAE, were the other countries that ranked in the top 5 destinations. Exports of Saudi Arabia to those 5 countries amounted to $29.3 billion, accounting for 51.9 percent of the total exports.

Imports from China amounted to $7.6 billion in Q1 2021. The US and the UAE followed next with imports of $4.24 billion and $3.31 billion, respectively. India, Germany, were the other countries that ranked in the top 5 countries for imports. Imports of Saudi Arabia from those 5 countries amounted to $18.9 billion, accounting for 51.5 percent of the total imports.

In Q1 2021, 28.9 percent of total imports entered to the country was through Jeddah Islamic Sea Port. Among the other major ports of entry for the imports were King Abdulaziz Port (18.3 percent), King Khalid International Airport (12.8 percent), Bat’ha (7.0 percent), and King Fahad Airport (6.9 percent).

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