Saudi Arabia’s exports fell by nearly a third in September from a year ago, driven largely by a slump in oil demand.
Total revenue from exports was 53.3 billion riyals ($14.2 billion) compared with 77.3 billion riyals for the same month last year, according to a statement from the General Authority for Statistics. Oil exports slumped 38.7% to about 35 billion riyals.
- Non-oil exports declined 9.3% compared to a year ago to about 18 billion riyals, after having risen in August
- Plastics and rubber products dropped 13.4%, weighing the most on the overall drop in non-oil revenue
- Share of oil exports in total exports decreased to 65.8% this year from 74% in 2019
- China was the top destination for Saudi exports, followed by the U.S. and the United Arab Emirates
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