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Saudi trade balance surplus reached $21.7 billion in April

Saudi trade balance

Riyadh, (Business News report)|| The surplus in the Saudi trade balance amounted to $21.7 billion last April.

The General Authority for Statistics said that the surplus in the trade balance came as a result of Saudi exports reaching 137.1 billion riyals ($36.5 billion), registering 98%.

Meanwhile, exports rose from 69.3 billion riyals ($18.4 billion) in April 2021, as a result of an increase in oil exports by 60.5 billion riyals ($16.1 billion), an increase of 123%.

Non-oil exports increased by 36.6%, amounting to 27.4 billion riyals ($7.3 billion) on an annual basis, compared to 20 billion riyals ($5.3 billion) in the same period last year.

Imports also rose by 11.2 percent at 55.3 billion riyals ($14.7 billion) in April 2022 on an annual basis, compared to 49.7 billion riyals ($13.2 billion) in the same period last year.

In a related context, specialists in the International Monetary Fund praised “the strength of the Saudi economy and the strength of its financial position.”

They stressed that Saudi Arabia’s economic prospects are positive in the short and medium term, with the continued recovery of economic growth rates and the containment of inflation, in addition to the increasing strength of its external economic position.

According to the preliminary statement issued after the conclusion of the visit of Article IV consultations with the Saudi government for the year 2022, the Fund expected the growth of Saudi Arabia’s GDP by 7.6% during the current year 2022, with non-oil growth rising to 4.2%.

The current account surplus to 17.4% of GDP, as well as containing headline inflation at an average level of 2.8%.

The fund indicated that the Saudi government succeeded in dealing with the repercussions of the Coronavirus pandemic.

He also stressed that it is in a favorable position to overcome the dangers posed by the war in Ukraine and the monetary policy tightening cycle in advanced economies.

The statement indicated that the economic activity in it is witnessing a strong improvement, supported by the rise in oil prices and the reforms carried out by the government within the framework of “Vision 2030”, suggesting a limited impact of the tightening of global conditions thanks to the strong levels of capitalization enjoyed by the banking sector.

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