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FINANCIAL NEWS
Saudi exports grow 2x faster than imports
17 Jul 2011
(MENAFN) Saudi Arabia’s Central Department of Statistics reported Saturday that the Kingdom’s exports of non-crude products grew 14 percent in the first quarter of this year compared to the same time last year to USD9.9 billion, while imports rose only seven percent to USD21.16 billion, reported Arab News.
Petrochemicals held 31 percent of non-oil exports at USD3.29 billion. Plastic products had a 26 percent share at USD3.28 billion. Commodities accounted for USD1.48 billion, re-export for USD1.08 billion, and food for USD780 million, the report said.
The value of both petrochemicals and plastics exports were raised by higher oil prices during the first quarter of 2011, Paul Gamble, head of research at Jadwa Investment, said.
The Kingdom imported USD7.23 billion of electrical appliances, US4.29 billion of autos, and USD3.85 billion worth of food, the Statistics bureau data said.
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