Saudi Exports Dropped in November, With Oil Revenue Down 40%

(Bloomberg) — Saudi Arabia’s exports fell by more than a quarter in November compared with a year ago, driven by another drop in oil demand.

Total revenue was 58.2 billion riyals ($15.5 billion), down from 80.8 billion riyals a year earlier, according to a statement from the General Authority for Statistics. Oil exports fell 39.8% during the month.

  • Non-oil exports rose to about 20.6 billion riyals from 18.4 billion riyals in November 2019.
    • Plastics and rubber products increased 11.6%, contributing most to the overall advance in non-oil revenue.
  • Share of oil exports in total exports decreased to 64.6% from 77.3% in 2019.
  • China was the top destination for Saudi exports, followed by India and the United Arab Emirates.
  • Link to statement.
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