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BALANCE OF TRADE

The Kingdom maintained a favorable balance of trade for the period from 1980 to 1994. The Kingdom’s balance of trade has improved noticeably since 1986, when it had a surplus of only SR3.6 billion (U.S.$0.96 billion). During the Gulf Crisis, the Kingdom’s balance of trade recorded a surplus of SR76.2 billion (U.S.$20.3 billion) in 1990 and SR 70.1 billion (U.S.$18.7 billion) in 1991 (see Table 11). This surplus declined to SR63,788.0 million (U.S. $17.0 million) in 1992 and then to SR53,154.1 million (U.S. $14,174.4 million) in 1993. However, the Kingdom’s balance of trade improved during 1994 and recorded a surplus of SR72,167.5 million (U.S. $19,244.7 million).

 

BALANCE OF PAYMENTS

Due to the fall in the Kingdom's oil export revenues in response to an over supply in the international oil markets, Saudi Arabia has been faced with the problem of a current account deficit since the mid 1980s. The balance of payments’ current account deficit during the period 1986-1989 were SR-43 billion (U.S. $11.5 billion), SR-36.6 billion (U.S. $9.8 billion), SR-27.5 billion (U.S. $7.3 billion), and SR-35.7 billion (U.S. $9.5 billion) respectively.

The Desert Storm war, coming at the start of the fifth development plan (1990-1994), had contradictory effects on the Kingdom’s foreign trade and balance of payments. The sharp increase in the value of oil exports at the start of the fifth plan period resulted in an average annual trade balance surplus of SR75.1 billion (about U.S. $20.00 billion) during the period from 1990 to 1993 (see table 11). On the other hand, The substantial cost of the war and the immense outflow of related payments had a substantial negative impact on the overall balance of payments' position. Thus, as table (15) shows, the average annual current account deficits during the years 1990 to 1993 were SR15,6 billion (U.S. $4.2 billion), SR103.3 billion (U.S.27.5 billion), SR78.1 billion (U.S. $20.8 billion) and SR54.7 billion (U.S. $14.6 billion) respectively.

TABLE 15
BALANCE OF PAYMENT
1410/1411 - 1413/1414 H. (1990-1993)
(In Millions of Saudi Riyals)

ITEMS 1410/1411 (1990) 1411/1412 (1991) 1412-1413 (1992) 1413-1414 (1993)
1. Merchandise Trade (F.O.B.) 85093 81093 62920 71323
a. Oil Exports (Exchange Bunker Oil) 149649 163036 162116 154083
b: Other Exports 16053 15311 14082 14135
(of which Re-exports) (2414) (2297) (1545) 15251525
c. Imports 80609 97254 113278 96895
2. Services and Transfers 10065 184410 140993 126057
* Receipts 46435 43932 41102 36032
a. Investment Income 34452 32584 27629 23250
b. Oil Sector (Bunker Oil) 634 454 491 487
c. Others 11349 10894 12982 12295
* Payments 147086 228342 182089 162089
a. Freight and Insurance 9673 11670 11328 8721
b. Oil Sector 4569 7243 7281 8614
c. Other Private Service 37878 42087 45511 43437
d. Other Govt. Services (a) 52883 115859 67803 42457
e. Private Transfers 42083 51483 50172 58860
3. Capital Movement and Reserves 15558 103317 79073 54734
a. Net oil sector transactions & others 6979 604 297 5127
b. Other (b) 8579 102713 78370 49607
Average exchange rate (SR per US$) 3745 3745 3745 3745

Source: Saudi Arabian Monetary Agency/Economic research and statistics
(a)Including official transfers and contribution or capital subscriptions to international or regional development agencies and certain government imports.(b)Including short-term private capital, valuation adjustment, net errors and omissions and changes in commercial banks, net foreign assets, and official capital and reserves.

 

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