Overall Saudi exports increased by SR50 million Y/Y during May after they registered SR14.8 billion, showing resilience despite the ubiquitous growing pains predominating international trade, the National Commercial Bank said in its latest Saudi Economic Review.
In export categories, petrochemicals, with SR5.5 billion in value terms represent a sizable 37.2 percent of all non-oil exports. Save a retraction of 3 percent month on, it marked the highest surge of all exports over the course of the past 12 months of 14.8 percent. Plastics ranked second amounting to 29.9 percent of exports.
Notably, food stuffs was the only category that displayed a monthly upward trend with 7.1 percent M/M, in addition to a 6.2 percent increase year on. Base metals showed the biggest yearly decline of 11.2 percent with a monthly downturn of 13 percent.
As for exports by country groups, the European Union (EU), which accounts for 12 percent of exports predictably marked the sharpest downslope in both annual and monthly data as their imports of the kingdom’s non-oil exports landed with a thud, recording -9.8 percent and -17.3 percent, respectively.
The GCC’s Y/Y upturn of 3.5 percent suggests that it remains minimally affected by the Euro zone’s uncertainties.
Meanwhile, Singapore also shows a remarkable upturn in May by 44 percent, compared with last year. In addition, India increased its dependency on the kingdom’s non-oil exports, rising by 19.8 percent on an annual basis.
On the other hand, Saudi imports jumped by a slight 1 percent since April, recording a 4.2 percent increment over last year.
Heavily revolving around machinery and mechanical appliances, which accounts for over 26 percent of all imports, it swelled by 5.4 M/M and a 4.8 Y/Y.
Second in proportion was transport equipment, which notably rose by 53.5 percent compared to the same month last year. Food stuffs demonstrated a 4.2 percent rise in May this year compared with the last; however, it shrank by 1.3 percent M/M. The EU, the second biggest exporter of Saudi imports also exhibited a boost of 2.7 percent M/M, and a 10 percent Y/Y.
China, United States, and Japan all showed Y/Y surges of 7.9 percent, 28.4 percent, and 113.4 percent respectively. GCC intratrade balance shows that the Kingdom imports are valued at SR3.7 billion in May 2012.
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