Value of Saudi Arabia's October Exports Rises 90%

Saudi Arabia encourages investment in the local food and dairy sector (Asharq Al-Awsat)
Saudi Arabia encourages investment in the local food and dairy sector (Asharq Al-Awsat)
TT
20

Value of Saudi Arabia's October Exports Rises 90%

Saudi Arabia encourages investment in the local food and dairy sector (Asharq Al-Awsat)
Saudi Arabia encourages investment in the local food and dairy sector (Asharq Al-Awsat)

Overall exports from Saudi Arabia climbed 90 percent on annual basis in October to 106 billion riyals ($28 billion), up from 55.9 billion riyals ($14 billion) recorded during the same period in 2020, according to data from the Kingdom’s General Authority for Statistics.

“This increase originated mainly from oil exports, which rose by 45.5 billion riyals ($12 billion), or 123 percent in the same period”, as the share of oil exports in total exports from the country jumped to 77.6 percent in October from 66 percent in the same period last year, said the authority's monthly trade report.

The kingdom’s non-oil exports increased by 25 percent year-on-year in October to 23.8 billion riyals ($6.3 billion) from 18.9 billion riyals ($5 billion) in October 2020.

They, however, decreased month-on-month by 1.5 billion riyals, or 5.9 percent ($400 million), according to government data.

Meanwhile, natural pearl and gemstone topped the list of UAE imports from Saudi Arabia with a value of approximately 2.7 billion riyals.

They were followed by minerals with a value of 1.5 billion riyals then mineral products with a value of 1.2 billion riyals during the third quarter of the current year.

This data was revealed in a report published by the Council for Saudi Chambers of Commerce and Industry.

The UAE came first among the GCC countries in terms of trade with the Kingdom.

Bilateral trade reached an estimate of 24 billion riyals in the third quarter of 2021, an increase of 16 percent compared to the same period in 2020.

In this context, Chairperson of Council of Saudi Chambers Mr. Ajlan bin Abdulaziz Al Ajlan described the Saudi-Emirati economic ties as distinguished.



Oil Prices Reset as Supply Uncertainty Reigns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT
20

Oil Prices Reset as Supply Uncertainty Reigns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil lost early gains on Tuesday and prices were back near their previous close in the face of uncertainty over how supply will be affected by Ukraine-Russia peace talks, international trade tariffs and OPEC+ crude output.

Brent crude futures were up only 1 cent at $75.23 per barrel by 1242 GMT, retreating from $76.07 earlier in the session.

US West Texas Intermediate crude futures were up 51 cents from Friday's close to $71.25 a barrel. There was no settlement for WTI on Monday because of the US Presidents' Day holiday, Reuters reported.

"Each rally seems to find willing sellers, whether or not it is because of neighbouring technical numbers that keep movement trapped or notions of a war settlement topped with tariffs is hard to tell," said John Evans of oil broker PVM.

"Day trading and short-term flows are ruling the fate of oil prices at present."

US and Russian officials held more than four hours of talks in Riyadh on Tuesday, their first on ending the war in Ukraine. But Moscow made a new demand: that NATO cancel its 2008 promise on Ukraine membership.

Ukraine was not at the talks and has said that no peace deals can be made on its behalf.

If a deal is reached, Washington and its allies could abandon sanctions throttling the supply of Russian oil to the world.

Oil prices were bolstered on Tuesday by a Ukrainian drone attack on a Russian pipeline that pumps about 1% of global crude supply.

The damage could reduce oil transit volumes from Kazakhstan by about 30% and take up to two months to repair, Russian oil transport company Transneft said.

Another question hanging over oil markets is whether OPEC+ is considering a delay to monthly supply increases scheduled in April.

Russian state media said the group's members were not looking to hold off from the increases after Bloomberg News reported that OPEC+ members were exploring a possible delay.