Saudi Arabia oil exports went up to 32 per cent in 2010

Posted By: Religare
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Saudi Arabia oil exports went up to 32 per cent in 2010
Saudi Arabia has reported an increase in it's oil exports by nearly 32 per cent in the year 2010 due to noticeable rise in its total earnings from $163.1 billion in 2009 to $214.9 billion in 2010.

The industry skeptics like Jadwa Investments have viewed these earnings as the second highest rise in current prices since 2008 when the figures had gone up to $281 billion.

Other exports also edged up from $29.1 billion last year to $36.1 billion in 2010. As for imports, a subsequent rise has been seen by the country at $96.7 billion in 2010 as against $86.4 billion in the same period a year ago.

Despite higher imports, Saudi Arabia's current account surplus has reached $66.8 billion in 2010 compared to 2009's $21 billion. Trade balance also increased from $105.2 billion in 2009 to $154.3 billion in the year after.

However, foreign labours' remittances came down drastically from 17 per cent average growth recorded between 2005 and 2009 to only 1.9 per cent growth accounted for the year 2010.

Jadwa is unsure whether such a low growth is resulted by increase in number of foreign workers during this period or a cutdown on the payment of expatriates.

Even in the economic slowdown period, expatriate remittances amounted to $26.2 billion, an average of $72 million every day of 2010.

Read more about: oil and gas, export, economy, commodity
Story first published: Thursday, June 2, 2011, 9:30 [IST]
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