The Kingdom's foreign trade of the Kingdom during last July made great leaps that affected the strengthening of the trade balance surplus, which reached during seven months of this year 1.32 trillion riyals, an increase of 55% from last year's 855.3 billion riyals, supported by the rise in oil exports 95% at a record level of 745.1 billion riyals as a result of higher crude prices and Saudi production.

Foreign trade growth in July

Foreign trade recorded a remarkable growth in July 2022 by 45% to reach 196 billion riyals, compared to 135.3 billion riyals in the same month last year, supported by an increase in oil exports due to higher prices and production, and the trade balance surplus last July jumped 104 percent to reach 85.7 billion riyals, compared to 42.1 billion riyals in the same period of 2021.

The value of commodity exports rose

In detail, the data showed that the value of Saudi commodity exports increased during last July on an annual basis by 58.8%, reaching about 140.8 billion riyals, compared to 88.7 billion riyals in the same month of 2021. While the value of commodity imports rose 18.3 percent, to reach 55.1 billion riyals, compared to 46.6 billion riyals for the same month of 2021.

Oil prices support exports

As a result of higher oil prices, the value of Saudi oil exports in July jumped 68.9 percent year-on-year to reach about 114.2 billion riyals, compared to 67.6 billion riyals in the same month of 2021.

The value of Saudi oil exports in July jumped 68.9 percent year-on-year to about 114.2 billion riyals.

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Commodity exports in 7 months

Value of exports: </937.2 billion riyals.

Trade balance surplus: 552.3 billion riyals.

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Foreign Trade in July 2022

Foreign trade value: 196 billion riyals.

Trade balance surplus: 85.7 billion riyals.

Commodity exports: 140.8 billion riyals.

Commodity imports: 55.1 billion riyals.

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