Saudi trade balance drops by 13 percent
Saudi Arabia recorded a 13 percent trade surplus drop in 2001, reaching 166.2 billion Saudi riyals compared to SR 190.8 billion in 2000. The losses were attributed to a 12.8 percent fall in oil export revenues, reported the Saudi National Commercial Bank.
Non-oil exports increased by 28 percent in 2001, due to an increase in petrochemical exports and a surge in prices. The gains were also attributed to an increase in demand for construction material, foodstuffs in the Gulf Cooperation Council (GCC) states.
The Kingdom’s total imports value rose to three percent and accounted for more than 15 percent of the gross domestic product (GDP) in 2001. Heavy machinery appliances and transport equipments comprised the bulk of the imports, accounting for 42.3 percent of the total.
Saudi Arabia’s main exports include exports crude oil, refined oil, petrochemical products and plastics and other commodities. Its main imports include electrical machinery, base metals, cars and spare parts and textiles. — (menareport.com)
© 2002 Mena Report (www.menareport.com)