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GaStat: Saudi Non-Oil Exports Jump 26% in November

Saudi Arabia’s overall merchandise exports jumped 82.5% in November 2021 compared to the same month in 2020. (SPA)
Saudi Arabia’s overall merchandise exports jumped 82.5% in November 2021 compared to the same month in 2020. (SPA)
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GaStat: Saudi Non-Oil Exports Jump 26% in November

Saudi Arabia’s overall merchandise exports jumped 82.5% in November 2021 compared to the same month in 2020. (SPA)
Saudi Arabia’s overall merchandise exports jumped 82.5% in November 2021 compared to the same month in 2020. (SPA)

Saudi Arabia’s overall merchandise exports jumped 82.5% in November 2021 compared to the same month in 2020, according to official data released by the Saudi General Authority for Statistics (GaStat) on Tuesday.

Non-oil exports increased by 26.1% year-on-year in November 2021, rising to SAR26 billion ($6.9 billion) from SAR20.6 billion ($5.3 billion) in November 2020, the data showed.

Non-oil exports increased compared to October 2021 by SAR2.1 billion ($560 million) or 9%..

The value of exports amounted to SAR107.3 billion ($28.5 billion) in November 2021, up from SAR58.8 billion (415.6 billion) in November 2020.

This increase was mainly due to oil exports, which rose by SAR43.1 billion ($11.4 billion) or 112.8% in the same period.

The share of oil exports in total exports increased from 65% in November 2020 to 75.8% in November 2021.

Compared to October 2021, total merchandise exports increased by SAR1.1 billion ($293 million) or 1%.

Meanwhile, Saudi Arabia’s merchandise imports rose by SAR684 million (1.4%) to SAR49.39 billion in November 2021, compared to SAR48.71 billion a year earlier.

On a monthly basis, the imports increased by SAR2.57 billion (5.5%), compared to October's figures.

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SAMA Governor: Saudi Arabia Plays Key Role in Supporting Global Economic Recovery

G20 leaders meet in Brazil. (Reuters)
G20 leaders meet in Brazil. (Reuters)
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SAMA Governor: Saudi Arabia Plays Key Role in Supporting Global Economic Recovery

G20 leaders meet in Brazil. (Reuters)
G20 leaders meet in Brazil. (Reuters)

Saudi Central Bank (SAMA) Governor Ayman Al-Sayari emphasized the Kingdom’s pivotal role in sustaining global economic recovery and maintaining financial stability. He also highlighted Saudi Arabia’s active participation in addressing key issues during Brazil’s presidency of the G20 Summit.

In a statement to the Saudi Press Agency (SPA), Al-Sayari affirmed the Kingdom’s commitment to achieving the summit’s goals and strengthening multilateral cooperation to tackle challenges such as slow growth and rising global debt levels.

Al-Sayari noted that Saudi Arabia’s participation in the G20 reflects its efforts to promote its own interests while contributing to global economic stability, particularly for regional economies. As the only Arab member of the group, Saudi Arabia seeks to leverage its position to enhance global financial resilience.

He recalled the Kingdom’s leadership of the G20 in 2020, during which it prioritized measures to accelerate global economic recovery, foster financial inclusion, ensure financial stability, and assist low-income countries in mitigating the impacts of the COVID-19 pandemic.

Key issues currently under discussion include the slow global economic growth, high inflation rates, rising global debt, and disparities in economic policies among nations.

Al-Sayari highlighted the importance of the G20’s Common Framework for Debt Treatments, a key initiative launched during Saudi Arabia’s presidency of the group. The framework aims to alleviate the debt burden of the world’s most vulnerable countries, a concern that has grown more pressing as sovereign debt levels reach unprecedented heights.

The governor underscored the alignment between the objectives of Saudi Arabia’s Vision 2030 and the G20’s goals, particularly in fostering financial stability and sustainable development. This includes initiatives to develop financial markets, mitigate risks, adopt global best practices, and ensure the financial sector’s stability while expanding its services and products to support the transition to a sustainable economy.

Moreover, Al-Sayari pointed out ongoing efforts to enhance the fintech sector through updated regulatory frameworks and improved guidelines. The Kingdom also aims to increase financial inclusion and awareness by providing individuals and businesses with access to licensed financial services, ensuring consumer protection, and promoting fairness and transparency in financial transactions.