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Survey: $ 10 billion trade exchange between Saudi Arabia and Arab countries in the first quarter

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Saudi -  Survey: $ 10 billion trade exchange between Saudi Arabia and Arab countries in the first quarter Empty Survey: $ 10 billion trade exchange between Saudi Arabia and Arab countries in the first quarter

Post by rocky on Wed 19 Jun 2019, 2:21 am

 Survey: $ 10 billion trade exchange between Saudi Arabia and Arab countries in the first quarter

Saudi -  Survey: $ 10 billion trade exchange between Saudi Arabia and Arab countries in the first quarter 15778



The volume of trade exchange between Saudi Arabia and Arab countries increased during the first quarter of 2019 by 1.05 percent year-on-year.
According to a survey by Mubasher, the total volume of trade between the Kingdom and the Arab countries amounted to 36.997 billion riyals (9.866 billion dollars) compared to 36.614 billion riyals (9.764 billion dollars) at the end of the first quarter of 2018.
Trade between Saudi Arabia and Arab countries increased by 382.9 million riyals ($ 102.11 million) in the first quarter of 2019 compared to the same period last year.
Saudi Arabia posted a trade surplus of 681 million riyals ($ 181.6 million) from its trade with Arab countries in the first quarter of this year, compared with a deficit of 721.9 million riyals ($ 192.51 million) in the corresponding period of 2018.
Mubasher's calculations showed that the Kingdom's total exports to Arab countries during the first quarter of 2019 increased by 4.98 percent year on year, an increase of 892.9 million riyals ($ 238.11 million).
Total exports to Arab countries rose to 18.84 billion riyals ($ 5.02 billion) in the first quarter of this year, compared to 17.95 billion riyals ($ 4.785 billion) in the same period of 2018.
On the other hand, the kingdom reduced its Arab countries' import bill by 2.7 percent in the first quarter of 2019 on a year-on-year basis, down 510 million riyals ($ 136 million).
Saudi Arabia's imports from Arab countries fell to 18.158 billion riyals ($ 4.84 billion) from 18.668 billion riyals ($ 4.98 billion) in the same quarter of 2018.
The UAE accounts for 43.3% of the Saudi Arabian trade
The UAE was Saudi Arabia's largest trading partner in terms of trade with Arab countries during the first quarter of 2019.
The UAE accounted for 43.3 percent of Saudi Arabia's Arab trade volume in the first quarter of this year, compared to 51.4 percent in the same quarter of 2018.
Total trade between the Kingdom and the UAE reached 16.01 billion riyals ($ 4.27 billion) during the first quarter of this year, compared to 18.83 billion rials (5.02 billion dollars) in the same quarter of last year.
Saudi Arabia's exports fell 2.29 percent to 6.587 billion riyals ($ 1.756 billion), compared to 6.742 billion riyals ($ 1.79 billion) in the first quarter of 2018.
Saudi Arabia cut its imports from the UAE by 22.1 percent in the first quarter of 2019 to 9.42 billion riyals ($ 2.51 billion) from 12.09 billion riyals ($ 3.22 billion) in the same period last year.
Egypt was the second largest export destination in the first quarter of this year with 1.96 billion riyals ($ 522.56 million), up 26.5 percent from the value of 1.55 billion riyals ($ 413.12 million) in the first quarter of 2018.
Oman was the second largest importer of Saudi Arabia from Arab countries in the first quarter after the United Arab Emirates (UAE) with a value of 2.47 billion riyals ($ 657.55 million), up 84.5 percent from the first quarter of 2018 to 1.34 billion rials ($ 356.29 million).
Saudi Arabia raised its exports to 12 Arab countries during the first quarter of this year, compared to the decline with eight other countries.
In contrast, Saudi Arabia reduced its imports from five Arab countries in the first quarter of 2019, but rose from 12 other countries, while Saudi Arabia did not witness imports from Libya and the Comoros during that period.


    Current date/time is Wed 20 Nov 2019, 7:04 am