Saudi oil exports down 40 percent in May yoy: Stats agency

Saudi oil exports fell almost 40 percent in May from the same period a year ago, latest government data released on Tuesday showed, weighing on overall total exports, amid an extension of voluntary production cuts and lower oil prices.

The value of oil exports declined to 72 billion riyals ($19.20 billion) in May from 115.5 billion riyals last year, the General Authority for Statistics said, down 37.7 percent, with the share of oil exports in total exports down to 74.1 percent from 80.8 percent in May 2022.

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Overall merchandise exports fell 32.1 percent in May this year to 97.1 billion riyals from 143 billion riyals in May 2022.

Amid softer oil prices, Saudi Arabia said earlier this month it would prolong an extra production output cut on top of a broader OPEC+ deal, and has raised prices for most of its crude to Asian customers in August for a second month.

Recent data from the Joint Organizations Data Initiative (JODI) showed Saudi crude oil exports in May fell to a 19-month low.

Non-oil exports – excluding re-exports – fell 19.2 in May this year from a year earlier.

China was the top destination for Saudi exports, receiving 17.4 percent of the total, followed by India and Japan.

It was also the top importer of goods into Saudi Arabia, accounting for just over 23 percent of total imports into the country in May.

Total value of merchandise imports in May this year grew 21 percent to 67.7 billion riyals.

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