![The Saudi economy has boomed amid a rise in global oil prices [Getty]](/sites/default/files/2021-12/GettyImages-458328724.jpg)
Value of Saudi oil exports soars, boosting economy
Value of Saudi oil exports soars, boosting economy
The value of Saudi oil exports has increased greatly, according to government figures, boosting the country's economy
2 min read
The Saudi economy has boomed amid a rise in global oil prices [Getty]
The value of soared in October 2021, according to newly released data from the kingdom’s General Authority for Statistics.
The figures showed aÌýyear-on-year increase in the value of oil exports of 123 percent. Oil export value rose from 36.9 billion Saudi riyals (US$9.82 billion) in October 2020 to 82.4 billion Saudi riyals (US$21.97 billion) in October 2021.
Oil made up 77.6 percent of Saudi Arabia's total exports in October 2021, up from 66.1% a year earlier.
Non-petroleum exports rose in value by 25.5 percent, bringing the total value of the kingdom’s exports to 106.2 billion riyals (US$28.27 billion) in October 2021Ìýcompared to 55.9 billion riyals (US$14.88 billion) in the same month of the previous year – an increase of 90 percent.Imports totalled 46.3 billion riyals, meaning that the country achieved a balance of payments surplus of 59.9 billion riyals.
was Saudi Arabia’s top trading partner this year, accounting for 18 percentÌýof exports and 20 percentÌýof imports.
Saudi Arabia this year saw and the Saudi economy is currently growing at its fastest rate in nine years. GDP rose by 7 percentÌýin the last quarter of 2021, and is expected to rise by 7.4 percentÌýin 2022.
According to the General Authority for Statistics, most of this growth is due to the kingdom’s increased oil output and the global increase in oil prices.
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