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Saudi Export Increase

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Saudi exports continued their consistent growth in August after realizing SR18.5 billion in returns, a 22 percent increase over the same period last year. Monthly volatility noticeably dampened this year, averaging at around SR18.2 billion a month. The contractual nature of most of the Kingdom’s heavyweight exports limited the negative effects of waning global demand. Imports, on the other hand, recorded SR56.5 billion; a 19.6 percent Y/Y expansion, according to a report by the National Commercial Bank (NCB).

In value terms, the NCB report said more than 34 percent of the exports consisted of plastics, valued at around SR6.3 billion. Chemical products recorded SR5.4 billion, rising by 4.4 percent Y/ Y, and making up 29.5 percent of the exports revenue.