SAUDI exports soared as the world's biggest oil exporter benefited from higher crude prices, reported Bloomberg.
The value of exports jumped to SAR106.2 billion (US$28 billion) from SAR55.9 billion a year ago, according to the kingdom's General Authority for Statistics. The share of oil in total exports rose to 77.6 per cent in October from 66.1 per cent.
Saudi Arabia's economy has rebounded this year as oil prices soared and the Covid impact eased. This month, the kingdom boosted its revenue forecast for next year, with higher crude output and prices poised to deliver the first budget surplus in eight years and the fastest economic growth since 2011.
The value of oil exports rose 123 per cent, or by 45.5 billion riyals, year-on-year in October, according to the statistics authority. Non-oil exports increased 25.5 per cent to SAR23.8 billion.
Oil has gained 50 per cent this year with a robust rebound from the pandemic, but the rally has faltered recently, in part due to concerns about the omicron Covid variant.
There are some signs of tightening emerging, however, with supply disruptions in Libya and Nigeria, while the demand outlook was boosted in recent days by positive news about the severity of omicron.
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