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Saudi non-oil exports continue plunge
Published in The Saudi Gazette on 22 - 11 - 2009

Saudi Arabia's non-oil exports in September fell 19 percent to SR7.6 billion Saudi ($2.03 billion) from a year earlier period amid weak demand for petrochemicals, data from the Central Department of Statistics and Information, or CDSI, showed Saturday.
The Kingdom's imports in September also fell, dropping 34 percent to SR23.9 billion, compared with SR36.5 billion from a year earlier, according to CDSI data.
Saudi's main non-oil exports in September were petrochemical products, plastic and metals, with petrochemical products worth SR2.2 billion accounting for 29 percent of the total non-oil exports. Its main imports are electric appliances, transport vehicles and food products.
Non-oil exports for the world's largest oil producer fell 17 percent in August to SR9.2 billion from a year earlier, while imports fell 33 percent to SR26.8 billion during the same period.
In the second quarter of 2009, the Kingdom's non-oil exports fell 24 percent to SR24.05 billion, while non-oil imports came in at SR86.72 billion, an 18 percent drop from the same period last year. CDSI did not provide data for the third quarter of this year.
After years of rapid growth, the petrochemicals sector in the Gulf region is facing stiff challenges amid a global economic downturn. Saudi Basic Industries Corp. said last month its third-quarter net profit slumped 50 percent to SR3.6 billion as commodity prices fell sharply.
Non-oil sector growth in Saudi Arabia is expected to expand by over 4 percent in 2010, the governor of the Saudi Arabian Monetary Agency Muhammad Al-Jasser said earlier this month.
TASI down
Saudi shares closed lower dragged down by banking and petrochemical stocks after declines in the price of oil and global stocks on fears of weak US economic recovery.
The all share index TASI fell 0.76 percent to 6,270.75 points with Saudi Basic Industries Corp slipping 0.92 percent.
Samba Financial Group fell 1.38 percent, while Islamic lender Al Rajhi ended down 0.5 percent.
The petrochemical stocks index fell 1.2 percent and the banking stocks index was down 0.66 percent.
On Friday, global stocks slid and the US dollar rose on as investors cut their exposure to risky assets.
Oil, Saudi Arabia's main revenue earner, fell below $77, weighed by the stronger dollar, and falling stock prices raised worries about the economy and the outlook for energy demand.


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