World Economy

Saudi Exports Drop 19.9%

Saudi Exports Drop 19.9%Saudi Exports Drop 19.9%

Saudi Arabia’s imports rose 1.6% from a year earlier in February, while non-oil exports dropped 19.9%, data from the Central Department of Statistics and Information, cited by Reuters, showed. Non-oil exports traditionally account for around 12% of the overall exports of Saudi Arabia, it added. In a recent report, Jadwa Investment said the value of non-oil exports declined in January, reflecting the impact of lower prices, since volumes exported recorded a monthly increase from 3.7m tons in December to 3.9m tons in January. The value of imports have also recorded a decline in both monthly and year-on-year terms. January imports declined by 9.4% month-on-month and 9.1% year-on-year, according to the Jadwa report.