Saudi Arabia’s foreign trade balance fell 54% during the third quarter of this year, due to a 28% fall in the value of petroleum exports.
The decline in petroleum exports was affected by the voluntary cut in oil production approved by the Kingdom this year to support the stability of global markets.
According to data published by the Kingdom’s General Authority for Statistics on Thursday, the surplus of international trade reached 100 billion riyals ($27 billion).
The data showed that exports, including 77% oil, amounted to 300 billion riyals, down 25% year-on-year, while imports amounted to 200 billion riyals, up 9%.
Saudi Arabia’s trade balance recorded a surplus in the second quarter of this year of 102 billion riyals ($27.2 billion), a decline of 60% year-on-year.
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