Official data released a while ago showed that Saudi Arabia's oil revenues rose by 60.2% in August, compared to the same period in 2021, and oil prices supported the revenues of Saudi oil exports, which recorded a huge boom during last August on an annual basis.
The report of the Saudi General Authority for Statistics on the Kingdom's foreign trade during August, issued today, Tuesday, indicated that merchandise exports rose by 49.1% on an annual basis.
The value of oil exports
Revenues from Saudi oil exports rose by 40.2 billion riyals ($10.70 billion) by 60.2%, while the proportion of oil exports out of total exports rose from 74.4% in August to 79.9% in the same month of this year.
The value of Saudi exports last August amounted to about 133.7 billion Saudi riyals ($35.58 billion), up from 89.7 billion Saudi riyals ($23.87 billion) in August 2021.
Saudi oil exports rose in August to 106.924 billion Saudi riyals ($28.45 billion), from 66.724 billion Saudi riyals ($17.75 billion) in August 2021.
monthly retreat
On the other hand, the revenues of Saudi oil exports recorded a decline of about 7.231 billion riyals ($ 1.92 million) on a monthly basis, compared to the revenues of the previous month (July 2022), which recorded about 114.155 billion Saudi riyals ($ 30.36 billion).
Data from the Statistics Authority had shown that Saudi oil revenues recorded a big jump during the first half of this year, recording an increase of 100.8% on an annual basis.
The value of Saudi oil exports rose to $167.86 billion during the period from January to the end of June 2022, compared to $83.85 billion in oil revenues achieved during the first half of 2021.
