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)
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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.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.