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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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Ukraine Receives New IMF Loan 1,000 Days into War

A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
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Ukraine Receives New IMF Loan 1,000 Days into War

A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)

The International Monetary Fund (IMF) and Ukrainian authorities have reached an agreement that would give Ukraine access to about $1.1 billion, the IMF said on Tuesday, adding that its executive board must still weigh in on the deal.

If approved, the agreement would bring the total amount disbursed to Ukraine under the program to $9.8 billion, the IMF statement said, adding that the board was expected to review the deal in coming weeks.

“The outlook remains exceptionally uncertain and Russia's war in Ukraine continues to take a heavy toll on Ukraine's people, economy, and infrastructure,” the funds' staff wrote, adding that despite those challenges the program “remains on track.”

“The economy has continued to show resilience despite the devastating challenges arising from Russia’s war in Ukraine, which has now lasted 1,000 days,” it added.

“However, risks remain exceptionally high given uncertainty on the intensity and duration of the war, including from the continued attacks on energy infrastructure.”

IMF staff, which met with Ukrainian officials Nov. 11-18, said the country's real GDP growth was expected to be 4% this year but slow to 2.5%-3.5% in 2025 amid energy infrastructure damage and labor shortages.

Inflation in Ukraine also reached 9.7% year-over-year in October over rising food and labor costs “but inflation expectations remain well anchored,” IMF staff concluded.