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Saudi oil exports grew in January, with 30.5 billion riyal increase

Saudi oil exports

Riyadh, (Business News Report)|| Saudi Arabia’s oil exports grew during the month of January by 57.5%, increasing by 30.5 billion riyals, compared to the same month last year.

According to official data, Saudi oil exports rose to 83.5 billion riyals, compared to 53 billion riyals in the same month of 2021.

It should be noted that oil prices were affected by the Coronavirus pandemic in 2020 and 2021, but they recovered significantly during the current year.

The value of oil exports in January 2022 is the second highest level in history, and the highest since October 2018, amounting to 85.9 billion riyals.

Saudi non-oil exports rose last January by 27.5 percent, to reach 24.1 billion riyals, compared to 18.9 billion riyals in the same month of 2021. Thus, Saudi non-oil exports grew on an annual basis for the thirteenth month.

Compared to the previous month (December 2021), exports fell by 18.5 percent.

Saudi Arabia aims to diversify its economy by increasing the contribution of the non-oil sectors to the non-oil GDP, which is in line with the Kingdom’s Vision 2030.

During the past year, Saudi Arabia set a record in its non-oil exports, reaching 274.9 billion riyals.

Meanwhile, the value of merchandise exports increased during last January by 49.6 percent, to reach 107.6 billion riyals, compared to 71.9 billion riyals in the same month of 2021.

The value of merchandise imports also increased by 8.1 percent, to reach 51.8 billion riyals, compared to 47.9 billion riyals for the same month in 2021.

In a separate context, the Kingdom of Saudi Arabia plans to raise the proportion of the digital economy in the Kingdom to 19.5% of the total economy by 2025.

The Ministry of Communications and Information Technology said that the digital economy has become an integral part in any country that wants to be in the ranks of developed countries.

According to the ministry, the digital economy provides more than 150,000 jobs in Saudi Arabia, either directly or indirectly.

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