Saudi oil export revenues declined, during last April, on an annual basis, with the decline in average oil prices compared to the same period in 2022.
Official data – seen by the specialized energy platform – showed that Saudi Arabia’s oil revenues decreased, in April, by 23.6%, compared to the same period in 2022.
The report of the General Authority for Statistics on the Kingdom’s foreign trade during April 2023, issued today, Thursday, June 22, indicated that merchandise exports recorded a decline of 25.2% on an annual basis.
Saudi oil exports
Revenues from Saudi oil exports decreased by 25.9 billion riyals ($6.90 billion), by 23.6%, while the proportion of oil exports in total exports increased from 79.7% in April 2022 to 81.3% in the same month of this year.
Last April, the value of Saudi exports amounted to about 103 billion Saudi riyals ($27.46 billion), down from 137.7 billion Saudi riyals ($36.70 billion) in April 2022.
Saudi oil export revenues declined, in April, to 83.8 billion Saudi riyals ($22.34 billion), from about 109.7 billion Saudi riyals ($29.252 billion) in April 2022.
And the data of the Joint Organizations Data Initiative (JODI) showed that Saudi oil exports decreased by about 207 thousand barrels per day during the month of April 2023, to record the lowest level in 5 months, and the Kingdom’s production of crude also declined.
The data revealed a decrease in Saudi exports of crude oil to 7.316 million barrels per day during last April, compared to 7.523 million barrels per day during the previous March, according to the data seen by the specialized energy platform.
The following chart, prepared by the energy platform, reviews the volume of Saudi oil exports:
Saudi Arabia’s revenues from oil exports
Revenues from Saudi oil exports increased by about 708 million riyals ($188.72 million) on a monthly basis, compared to the revenues of the previous month (March), which recorded 83.1 billion Saudi riyals ($22.16 billion).
Saudi Arabia’s revenues from oil exports, during the first quarter of this year (2023), declined by 15%, on an annual basis, according to data monitored by the energy platform.
The decline came with the decline in global oil prices in global markets during the first 3 months of this year, compared to the same period in 2023, which recorded its highest level in 14 years, against the backdrop of the Russian-Ukrainian war.
Data from the General Authority for Statistics show a decline in Saudi oil export revenues to $65.42 billion during the period from January to the end of last March, compared to $76.91 billion during the same period in 2022.
And Brent crude recorded losses of more than 7% during the first quarter of this year, falling below $ 80 a barrel at the end of March 2023, and its decline has continued since then, to trade at an average of $ 75 currently.
The following infographic, prepared by the specialized energy platform, reviews Saudi Arabia’s revenues from oil exports during the first quarter of 2023 compared to the same period of 2022:
It is noteworthy that the Saudi budget 2023 expected a decline in oil revenues by 12.1% during the current year, amid indications of a decline in average oil prices compared to last year.
Saudi exports
The report of the Saudi Statistics Authority – which was reviewed by the specialized energy platform – revealed a decline in the value of commodity exports in April, compared to the previous month (March 2023), by 4.5 billion riyals ($1.20 billion), by 4.2%.
Non-oil exports also recorded, in April of 2023, a decrease of 31.2%, compared to April of 2022, recording 19.2 billion riyals ($5.12 billion), compared to 28 billion riyals ($7.46 billion) a year earlier. .
The report showed a decline in the value of non-oil exports compared to March 2023, by 5.2 billion riyals ($1.39 billion), or by 21.4%.
China is the first destination for exports
China continued to be the main destination for Saudi exports during last April, as the value of Riyadh’s exports to Beijing amounted to about 18 billion riyals ($4.80 billion), which represents 17.5% of total exports.
Japan and South Korea came second and third, respectively, with a total of 11.2 billion riyals ($2.99 billion), or 10.9%, and 9.9 billion riyals ($2.64 billion), or 9.6% of total exports.
India, the United States of America, the United Arab Emirates, Poland, Bahrain, Taiwan and Singapore were among the top 10 countries that Saudi Arabia exported to.
The total of Saudi exports to the 10 countries amounted to about 70.2 billion riyals ($18.71 billion), which represents 68.2% of total Saudi exports during the month of April.
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