Saudi Arabia’s trade surplus is facing a major downturn: 65% until...

The surplus in Saudi Arabia’s foreign trade balance (oil and non-oil) decreased by 65.1 percent year on year until July 2020.
According to an Anadolu Agency survey, based on data issued by the General Authority for Statistics in Saudi Arabia (governmental), on Monday, the trade balance surplus reached 23.25 billion dollars during the first 7 months of this year. The surplus in the trade balance of Saudi Arabia, during the corresponding period of 2019, amounted to about $ 66.65 billion.
The value of merchandise exports (oil and non-oil) decreased by 37.4 percent, to $ 97.63 billion, and imports also fell 16.7 percent, to $ 74.37 billion.
The value of “oil” exports to Saudi Arabia, the largest oil exporter in the world, fell during the aforementioned period, by 42.8 percent, to $ 68.92 billion.
Oil prices were severely affected during the current year as a result of the repercussions of the “Corona” virus outbreak on global demand for crude, which is the main source of income for Saudi Arabia.

The merchandise trade surplus (oil and non-oil) of Saudi Arabia decreased by 25.7 percent during 2019 to $ 117.2 billion, compared to $ 157.8 billion in 2018.

The decline in the value of Saudi oil exports coincided with a drop in prices as a result of the Corona outbreak. In view of the lower prices, the Kingdom has reduced its production from about 10 million barrels per day to 8.5 million barrels per day, in compliance with the agreement of the so-called “OPEC +” coalition, which includes Russia and major producers alongside OPEC countries, since the beginning of last May, and thus the quantity decreased. Export.

(Anatolia)