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FINANCIAL NEWS
Saudi’s nonoil exports down 16.7 percent in May
29 Jul 2015
(MENAFN) Data showed that Saudi’s external trade registered a moderation in nonoil export activity in May with a drop of 16.7 percent, marking the second biggest slump since February.
Total nonoil exports decreased to USD4.05 billion, dragged down by sharp decreases registered in the largest export categories, plastics, chemical products and base metals.
Meanwhile, headline import figures also showed a drop in value, although to a lesser extent, reaching USD13.78 billion, according to a report by the National Commercial Bank (NCB).
The largest trade partners, China (12.6 percent) and the UAE (12.5 percent), accounting for over a quarter of the Kingdom’s demand for nonoil exports. Both countries imported less in value at USD506.5 billion each.
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