Saudi nonoil exports drop 19.9% in February

Saudi nonoil exports drop 19.9% in February
Updated 12 April 2015

Saudi nonoil exports drop 19.9% in February

Saudi nonoil exports drop 19.9% in February

Saudi Arabia’s imports rose 1.6 percent from a year earlier in February, while nonoil exports dropped 19.9 percent, data from the Central Department of Statistics and Information, cited by Reuters, showed.
Nonoil exports traditionally account for around 12 percent of the overall exports of Saudi Arabia, it added.
In a recent report, Jadwa Investment said the value of nonoil exports declined in January, reflecting the impact of lower prices, since volumes exported recorded a monthly increase from 3.7 million tons in December to 3.9 million tons in January.
The value of imports have also recorded a decline in both monthly and year-on-year terms. January imports declined by 9.4 percent month-on-month and 9.1 percent year-on-year, according to the Jadwa report.
While imports recorded a decline, it said the new LOCs opened point to a stable level of imports in coming months.
During February, government deposits and reserves fell by $8 billion (SR30 billion), and $27 billion (SR100 billion) respectively.
Foreign reserves fell by $20 billion in February, which were probably used to finance additional government spending during the period while oil revenues — estimated at $11.5 billion in February — were not sufficient enough to mitigate the impact of higher spending on foreign reserves.