Issued its two indicators "exports and imports 10 key partner countries" and the "balance of trade" of Saudi Arabia
"China" the main destination for Saudi exports with a value of SAR (6693) million
On Tuesday Safar 29, 1438H, corresponding to November 29, 2016 the General Authority for Statistics (GaStat) has issued its two indicators: (Trade directions of the top 10 partner countries for exports and imports of Saudi Arabia) and the (balance of trade) until the end of September 2016 on its official website www.stats.gov.sa. The country direction's report considered China as the main distention for exports in Saudi Arabia as the value of Saudi exports to China has reached (6693) million riyals. On the other hand, the (balance of trade) indicator showed a surplus in the Saudi balance of trade in the amount of (22470) million riyals.
The results of the foreign trade directions for the top 10 partner countries in Saudi exports and imports indicator showed that Chins is the main distention for exports in Saudi Arabia as the value of Saudi exports to China has reached (6693) million riyals, making it the main distention for exports, followed by Japan and South Korea with a value of (5913) million riyals and (5106) million riyals, respectively. Unites States, India, United Arab Emirates, Singapore, Taiwan, Netherlands and Bahrain are within the 10 top export destinations. The total amount of Saudi exports to those 10 countries has reached (37709) million riyals, representing (70.6%) of total exports.
In September 2016, the value of imports from the United States has reached (5273) million riyals which makes it in the first place for Saudi imports, followed by China and United Arab Emirates with a value of (4540) million riyals and (1842) million riyals, respectively. Germany, Japan, South Korea, India, Italy, France and Brazil are amongst the top 10 import destinations. The Saudi total imports from these countries has reached (20227) million riyals, representing (65.3%) of total imports.
In its report issued today, GaStat has mentioned the lists of the top 10 exports and imports has been prepared separately, and the top 10 exports/imports countries are the countries with the highest exports/imports values determined by the descending order of countries by the value of exports/imports for the period of study.
In its report, GaStat noted the metadata and used definitions. The report showed that the total exports means the local commodity exports (national exports), and the foreign commodity exports (re-export). The assessment is based on free on board (FOB). The national exports are export of all commodities which has been produced or manufactured locally or has been gone through industrial processes that has changed its shape and value. And re-export concept refers to the exports of formally imported commodities without any obvious amendments. Finally, imports refer to all commodities entering Saud Arabia to meet the local needs after going through customs. Import of services is not included. The assessment is based on the Cost, Insurance and Freight (CIF).
According to GaStat balance of trade, in 2016, the Saudi exports and imports have reached (53423) million riyals and (30953) million riyals, respectively. This led to surplus in the balance of trade in the amount of (22470) million riyals compared to the same month last year (September 2015) which was (6323) million riyals.
In its report of metadata and used definitions, GaStat clarified that the term balance of trade means net exports, which is the difference between exports and imports of the country in certain period of time. This shows if the country has a surplus (exports greater than imports) or a deficit (imports greater than exports) in its foreign trade.
It is worth mentioning, that launch of the two new indicators by GaStat comes within the framework of supporting national development. GaStat announced earlier the launch of more than 45 new statistical products which included: economic, social, demographic Umrah, labour market, energy, knowledge, environment, culture, sports, entertainment, and Security and safety statistics.