shrinks by 56 percent
Real exports and imports are down
Real exports of industrial and agricultural goods, which consist of total exports excluding pearls, precious stones, fuel and oil products, decreased by 3.5 percent to $536 million in the first quarter of 2020, compared with the same period a year earlier, according to the Customs.
Total export figures, including fuel products and precious stones, increased by 6.7 percent to $914 million.
Real imports, excluding pearls, precious stones and fuel products, dropped by $1.4 billion (47 percent) to $1.6 billion.
Overall imports including these categories decreased from $4.9 billion during the first quarter of 2019 to $2.9 billion in the same period of the current year. Fuel products represent 32 percent of total imports.
The real trade deficit narrowed by 56 percent to $1.1 billion. The official trade deficit shrank by 51 percent to $2 billion.
Food imports dropped from $308 million to $186 million during that period.
The top export destination of industrial and agricultural goods is Saudi Arabia with $56 million. Prepared food, chemical products, and vegetables are the major categories exported to Saudi Arabia. Syria and the United Arab Emirates come second in terms of real exports which reached $34 million for each country. Exports to Syria mainly consist of vegetables while exports to UAE largely consist of chemical products. Part of exports to Syria is re-exported to Arab countries.
Reported by Gisele Khalaf
Date Posted: May 29, 2020