Richard Ginika Izuora
Saudi Arabia’s exports soared in October as the world’s biggest oil exporter benefited from higher crude prices.
The value of exports jumped to 106.2 billion riyals ($28 billion) from 55.9 billion riyals a year ago, according to the kingdom’s General Authority for Statistics. The share of oil in total exports rose to 77.6% in October from 66.1%.
Saudi Arabia’s economy has rebounded this year as oil prices soared and the impact of the coronavirus pandemic eased. This month, the kingdom boosted its revenue forecast for next year, with higher crude output and prices poised to deliver the first budget surplus in eight years and the fastest economic growth since 2011.
The value of oil exports rose 123%, or by 45.5 billion riyals, year-on-year in October, according to the statistics authority. Non-oil exports increased 25.5% to 23.8 billion riyals.
Oil has gained about 50% this year with a robust rebound from the pandemic, but the rally has faltered recently, in part due to concerns about omicron. There are some signs of tightening emerging, however, with supply disruptions in Libya and Nigeria, while the demand outlook was boosted in recent days by positive news about the severity of omicron.