Foreign Trade of the Kingdom saw significant increases last July, which bolstered the trade surplus. Over the first seven months of this year, the surplus reached 1.32 trillion riyals, an increase of 55% from last year’s figure of 855.3 billion riyals, driven by a 95% rise in oil exports to a record high of 745.1 billion riyals due to higher crude prices and increased Saudi production.

Foreign Trade Growth in July

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

Rise in the Value of Commodity Exports

In detail, the data showed that the value of Saudi commodity exports rose by 58.8% year-over-year in July, reaching approximately 140.8 billion riyals, compared to 88.7 billion riyals in the same month of 2021. Meanwhile, the value of commodity imports rose by 18.3 percent, reaching 55.1 billion riyals, compared to 46.6 billion riyals for the same month in 2021.

Oil Prices Boost Exports

As a result of rising oil prices, the value of Saudi oil exports in July jumped 68.9 percent year-over-year, reaching approximately 114.2 billion riyals, compared to 67.6 billion riyals in the same month of 2021.

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Commodity Exports Over 7 Months

Value of Exports: 937.2 billion riyals.

Trade surplus: 552.3 billion riyals.

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Foreign Trade in July 2022

Value of foreign trade: 196 billion riyals.

Trade surplus: 85.7 billion riyals.

Commodity exports: 140.8 billion riyals.

Commodity imports: 55.1 billion riyals.

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