FINANCIAL NEWS

Saudi oil exports up 32% in 2010

29 May 2011

(MENAFN) A Saudi government report showed that the Kingdom’s oil exports went up by around 32 percent last year widening the country’s current account due to increasing crude prices and production, reported Emirates 24/7.

The report revealed that in 2010, oil exports earnings rose to nearly USD214.9 billion from USD163.1 billion in 2009, recording their second highest level in current prices since 2008 peak income of USD281 billion.

It also showed that non-oil exports grew to around USD36.1 billion from USD29.1 billion, whereas imports went up to nearly USD96.7 from USD86.4 billion in the same period, adding that in spite of higher imports, last year, the Kingdom’s current account surplus more than tripled to around USD66.8 billion from USD21 billion in 2009.

It is worth noting that in 2010, net incomes declined by 18 percent to USD6.8 billion while returns on the government’s holdings of foreign debt and equities totaled USD14 billion in the same year.

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