Saudi Arabia’s oil exports in the month of October fell by 18.9 billion riyals ($5.04 billion), down by nearly a third, while non-oil exports fell by 0.3%, according to data obtained by Reuters.
Overall exports fell by 24.7% “mainly due to the fall in oil shipments, which made up about two-thirds of the total compared to about three quarters in October last year,” according to the report. Oil exports in October fell by 32.7% year on year but were up by 3.7% from September.
Total exports were up 8.4%, or 4.48 billion riyals ($1.19 billion), compared to September.
The Saudi economy is forecast to shrink by 5% this year, the International Monetary Fund has said, but economists expect a rebound beginning in 2021.
