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FINANCIAL NEWS
Saudi Arabia’s foreign trade drops in August
18 Oct 2012
(MENAFN) An official data showed that Saudi Arabia’s non-oil exports declined 22.7 percent year-on-year in August, while imports dropped 5.9 percent, Reuters reported.
According to the Central Department of Statistics and Information, non-oil exports hit USD2.87 billion in August, down from USD3.72 billion a year ago.
August imports stood at USD10.25 billion, down from USD10.89 billion in the same month a year earlier.
The weaker trade was partly due to the Muslim holy month of Ramadan, which can reduce some business activity, ended in August this year.
The world’s largest oil exporter does not release complete trade data.
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