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13-07-22
Saudi Arabia’s account balance reaches 8-year peak in Q1 due to oil exports
(MENAFN) Oil exports have massively increased Saudi Arabia’s ongoing account balance to USD37.4 billion in the January-March period of this year, as shown by preliminary data on the Kingdom’s balance of payments issued by Saudi Central Bank.
The number for the January-March in comparison with a shortage of USD169 million and an exceed of USD20.7 billion registered in the first and fourth quarters of last year, individually.
The expansion rate in the present account surplus against the October-December period of last year shows a nearly 81 percent surge.
The rise in the present account balance is credited to a USD37.1 billion jump in oil shipments which reached USD76.6 billion in the stated period of this year in contrast with USD39.4 billion in the same period in 2021.
The income from non-oil shipments rose noticeably as well by nearly USD5 billion to USD20.7 billion from USD15.7 billion in the January-March period of last year.
MENAFN13072022000045014228ID1104523227
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