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Value of Saudi oil exports fell nearly 30% in December

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(Reuters) – The value of Saudi Arabia’s oil exports in December dropped nearly 30%, or 19.5 billion riyals ($5.2 billion), compared with the year before, official data showed on Wednesday.

The value of non-oil exports fell 7.7% in December to 18.4 billion riyals versus 20 billion riyals in December 2019. Oil’s share of total exports fell to 71.6% in December from 76.7% the year previously.

China remained Saudi Arabia’s main trading partner in December, accounting for 13.5 billion riyals out of its 64.8 billion riyals of total exports. In December 2019, the kingdom’s total exports value was 85.8 billion riyals.

Japan and India were Saudi Arabia’s next biggest export markets, with 7.5 billion and 6.3 billion riyals worth, respectively. The value of China’s imports was 9 billion riyals in December. The United States and United Arab Emirates followed, with 5.2 billion and 3.1 billion riyals, respectively.

The value of imports in December was down 12% from a year earlier, or 6.1 billion riyals, due to a drop in vehicle imports and associated transport equipment by nearly a quarter and an almost one-fifth fall in products of chemical or allied industries.

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