KSA imports jump 19.6% in August, nonoil exports up

24/10/2014 08:39 AST

Saudi Arabia’s imports jumped an annual 19.6 percent in August, ending nine consecutive months of declines, while growth in nonoil exports accelerated to 22.2 percent, data from the Central Department of Statistics and Information showed.

Nonoil exports account for around 12 percent of overall exports of Saudi Arabia.

Saudi Arabia does not release complete trade data on a monthly basis. Trade data are often revised by the statistics office.

Percentage changes are Reuters calculations based on the official data.

Analysts polled by Reuters in September forecast Saudi Arabia’s current account surplus at 15.2 percent of gross domestic product in 2014 and 11.5 percent in 2015.

A recent report from Jadwa Investment said nonoil exports maintained robust year-on-year growth in July while imports declined for the third consecutive month in July in both absolute and year-on-year terms (down by $4.8 billion month-on- month and 17 percent, respectively). New letters of credit opened by the private sector at commercial banks point to a possible reversal in demand for imports over the coming months, according to the Jadwa chart book.


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