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Oil

Value of Saudi Arabia’s June oil exports rise 123 pct to over $16 bln

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The value of Saudi Arabia’s oil exports in June increased 123 percent to 61.5 billion riyals ($16.4 billion) from a year earlier while non-oil exports rose by around 41 percent, official data showed on Tuesday.

Overall exports increased by nearly 92 percent in June compared to a year earlier when international trade was curbed by lockdown and travel disruptions related to the coronavirus crisis, said the General Authority for Statistics.

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Oil exports accounted for 72 percent of total exports in June, up from 62 per cent in June last year, it said.

Saudi Arabia, the world’s biggest oil exporter, was hit hard last year as oil prices plummeted and measures to contain the COVID-19 pandemic hurt its non-oil economy.

But the country’s gross domestic product in the second quarter grew for the first time since the coronavirus crisis, on the back of the easing of restrictions and rebounding oil prices.

China remained Saudi Arabia’s main trading partner in June, with exports there amounting to nearly 20 percent of total exports.

Imports from Turkey continued to be low. In June they fell to 5.7 million riyals from 21.8 in May, and from 712.4 million riyals in June last year.

Read more: Saudi Aramco’s Q2 profits more than doubles on higher oil prices, demand recovery