Saudi oil exports recorded a significant jump of 57.5 per cent on an annual basis, amounting to $8 billion during the month of January.

According to government data, issued by the Saudi General Authority for Statistics, petroleum exports amounted to $22 billion compared to $14 billion in the same month in 2021.

Merchandise exports increased in January 2022 by 49.6 per cent compared to the same month last year.

The value of exports amounted to $28.6 billion, up from $19 billion in January 2021, as a result of the increase in oil exports, according to Saudi newspapers.

The percentage of petroleum exports to the total exports increased from 73.7 per cent in January 2021 to 77.6 per cent in January 2022.

As for imports, they rose in January 2022 by 8.1 per cent or by $1 billion, reaching $13.8 billion in January 2022, compared to $12.7 billion in January 2021.

The kingdom is likely to benefit from the rise in oil prices to $120 a barrel as a result of the Russian-Ukrainian war, allowing it to compensate for the losses it suffered during the coronavirus pandemic.