The value of Saudi Arabia’s oil exports in June increased 123 per cent to 61.5 billion riyals ($16.4-billion) from a year earlier while non-oil exports rose by around 41 per cent, official data showed on Tuesday.
Overall exports increased by nearly 92 per cent in June compared to a year earlier when international trade was curbed by lockdowns and travel disruptions related to the coronavirus crisis, said the General Authority for Statistics.
Oil exports accounted for 72 per cent of total exports in June, up from 62 per cent in June last year, it said.
Saudi Arabia, the world’s biggest oil exporter, was hit hard last year as oil prices plummeted and measures to contain the COVID-19 pandemic hurt its non-oil economy.
But the country’s gross domestic product in the second quarter grew for the first time since the coronavirus crisis, on the back of the easing of restrictions and rebounding oil prices.
China remained Saudi Arabia’s main trading partner in June, with exports there amounting to nearly 20 per cent of total exports.
Imports from Turkey continued to be low, after an informal blockade by Saudi Arabia.
In June they fell to 5.7 million riyals from 21.8 in May, and from 712.4 million riyals in June last year.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.