* Majed Al Khalidi from Riyadh
The volume of foreign trade of Saudi Arabia during the month of January rose by 0.3 percent, equivalent to about 359 million riyals, to reach 126.46 billion riyals, compared to 126.1 billion riyals in the same period of 2018.
The trade balance of Saudi foreign trade during the month of January had a surplus of 42.62 billion riyals, which is higher than the surplus of SAR 42.88 billion recorded in the same period in 2018, with trade surplus surges since February 2016, some 35 months ago.
According to the analysis of the report unit in the newspaper "AlEqtisadiah" that was based on official data, the increase in surplus in the Saudi trade balance during the month of January is due to the increase of exports by 0.1 percent, equivalent to 53 million riyals that to reach 84.54 billion riyals, while it was about 84.49 billion riyals in January 2018.
Imports also rose by 0.7 percent to reach SAR 41.91 billion compared to a similar period of SR 41.6 billion.
In export details, Saudi Arabia's revenues from its oil exports in January rose to 66.5 billion riyals, compared to the same period last year of 66.19 billion riyals, with growth of 0.5 percent, equivalent to 314 million riyals.
While non-oil exports were amounted to about 18.03 billion riyals, compared to about 18.29 billion riyals for the same period, recording a decline of 1.4 percent, equivalent to 261 million riyals due to the decline in the products of the chemical and metallurgical industries, despite the growth of exports of plastics and rubber.
Non-oil exports were accounted for 21.3 percent of total exports in January, up from 21.7 percent in the same period last year.
Exports of domestic goods are made up of "national exports," exports of foreign goods "re-exports," as the evaluation is based on the FOB delivery basis.
National exports include all goods that have been produced or manufactured locally or have undergone industrial processes that have changed their form and value, Re-export, which is referring to exports of previously imported goods without any clear modifications.
* Economic Reports Unit
