Saudi merchandise exports witnessed a 57.9% annual decline during May 2020, reaching SAR 36.506 million.
This retreat resulted mainly from a 65% drop in oil exports, with their share in total exports declining to 65.4% last May from 78.6% in May 2019, according to official data by the General Authority for Statistics (GaStat).
Month-on-month (MoM), total merchandise exports contracted by SAR 610 million or 1.6%.
Non-oil exports shrank by 31.9% year-on-year (YoY) in May 2020, standing at SAR 12.640 million. The trade of plastics and rubbers slid by 34.3% YoY in May while chemical products shed 37.9%.
When compared to April 2020, non-oil exports shrank by SAR 471 million or 3.6%, the statement added.
Merchandise imports came in at SAR 34.534 million by May-end, down by 36.5% when compared to May 2019. This was driven by the decrease in many sections, including machinery and mechanical appliances; electrical equipment by 31.7% and vehicles and associated transport equipment by 45.8%.
Monthly, imports were down by SAR 3.551 million or 9.3%.
China was the kingdom’s main trading partner for merchandise trade, with exports worth SAR 7.7 million, followed by South Korea and the UAE with SAR 3.078 million and SAR 3.017 million, respectively.