Saudi Arabia’s total exports in 2014 dropped by 8.9 per cent to SAR1.28 trillion ($342.28 billion), while imports rose by 3.3 per cent to SAR651.88bn ($173.8bn), according to fresh statistics.
The value of the kingdom’s oil exports comprised 83 per cent of the total value of exports at SAR1.066trn, a report by the Saudi Central Department of Statistics and Information reveals.
The value of chemical industries’ exports reached SAR73.943bn (5.6 per cent of the total) and plastic and rubber products with SAR71.126bn (5.5 per cent).
According to the report, the kingdom’s imports in 2014 hit SAR651.9bn, as against SAR630.6bn in 2013, up by 3.4 per cent or SAR21.3bn.
Machinery and electrical appliances were Saudi Arabia’s top imports with their value standing at SAR171.012bn, comprising 26.2 per cent of the total value of imports.
Other top imports include transport machinery (SAR108.610bn or 16.6 per cent of the total) and metals (SAR79.759bn or 12.2 per cent), the figures indicate.
The US was Saudi Arabia’s top exports’ destination. The country accounted for 12.6 per cent of the kingdom’s exports, followed by China (12.5 per cent) and Japan (12.2 per cent).
China accounted for the largest proportion of Saudi Arabia’s imports at 13.6 per cent of the Arab nation’s total imports followed by the USA (13 per cent) and Germany (7.2 per cent).
(SAR1 = $0.26, at the time of publishing)