Oil demand slump hits Saudi exports in September

Oil demand slump hits Saudi exports in September

Saudi Arabia's exports fell by nearly a third in September from a year ago

Saudi Arabia's exports fell by nearly a third in September from a year ago, driven largely by a slump in oil demand.

Total revenue from exports was SR53.3 billion ($14.2 billion) compared with SR77.3 billion for the same month last year, according to a statement from the General Authority for Statistics.

Oil exports slumped 38.7 percent to about SR35 billion, it added.

Non-oil exports declined 9.3 percent compared to a year ago to about SR18 billion, after having risen in August while plastics and rubber products dropped 13.4 percent, weighing the most on the overall drop in non-oil revenue.

China was the top destination for Saudi imports, followed by the US and the United Arab Emirates, the authority said, adding that the share of oil exports in total exports decreased to 65.8 percent this year from 74 percent in 2019.

For exports from Saudi Arabia, China again topped the list, followed by India and South Korea.

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