Saudi imports hits USD15b in August
03 Nov 2014
(MENAFN) According to the Saudi’s National Commercial Bank (NCB), Saudi exports grew by 22 percent in August compared to the same month last year to reach USD4.93 billion, while imports registered an increase by 19.6 percent to hit USD15.08 billion, Arab News reported.
These numbers, which compares to the numbers of last July when the Saudi Economy recorded the largest slump to date with USD12.41 billion, as well as August’s double-digit growth, are attributed to Ramadan, which resulted in the balance of trade gap to widen by 18.4 percent in August compared to last year.
In terms of value, more than 34 percent of the export consisted of plastics, valued at around USD1.67 billion, an increase by 7.8 percent compared with last year, followed by chemical products which recorded USD1.43 billion, rising by 4.4 percent and accounting for 29.5 percent of the exports revenue.
By destination, the UAE received USD533 million worth of exports, increasing by 44.5 percent in comparison with the same period in 2013, followed by China with USD498.35 million, declining by 14.9 percent compared with last year, while India rose above Singapore as the third largest trading partner in August with exports valued at USD293.15 million, surging 38.8 percent compared to August 2013.
During August, imports of machinery and electrical equipment surged by around 25 percent compared to last year, recording USD4.18 billion, while imports of transport equipment grew by 28.6 percent to USD2.58 billion.