Saudi Arabia's exports of goods increased by 83.4% in May 2022 to reach SAR144.1b or $38.3b, up from SAR78.6b in the same month the previous year.
This was driven by a 105.5% increase in oil shipments last month. Meanwhile, total exports of goods rose by SAR6.4b or 4.7%. Oil exports comprised 80.6% of all exports, up from 72.4% in May of 2021.
The month of May this year saw a 26.7% year-over-year increase in non-oil exports, including re-exports, from SAR22.0b to SAR27.9 billion. The number of goods imported in May 2022 increased by 21.8% to SAR53.9b from SAR44.2b in the previous year's corresponding month.
Why it matters
China is by no surprise Saudi Arabia's top export and import destination. China accounted for SAR19.2b, or roughly 13.3% of all exports as well as SAR10.2b or 18.9% of all imports, in May 2022, as reported by the General Authority for Statistics (GASTAT). India and Japan finished second and third, respectively, with SAR14.7b making up 10.2% of exports and SAR12.5b making up 8.7% of total exports.