(MENAFN - Arab News) The value of Saudi Arabia's nonoil exports totaled SR18 billion in October, a record level for this year.
The latest NCB Saudi Economic Review said the 12.6 percent year-on-year surge is explained by the recent upward momentum in global manufacturing, heightening demand for input material.
Nonoil imports reached SR44.2 billion, short of last year's amount by 0.02 percent.
Accordingly, nonoil balance of trade narrowed by 7.4 percent year-on-year at the end of the month.
The weight of exports have also enjoyed a jump up by 9.4 percent year-on-year, measuring 4.1 mega tons.
The weight of imports, on the other hand, receded by 2.1 percent compared to last year, recording 5.9 mega tons.
Main nonoil exports include chemical products, which make up the largest portion of categories (31.7 percent), followed by plastics (29.9 percent), according to the NCB Saudi Economic Review.
Due to the essential nature of these major categories in manufacturing, they received a considerable boost during last month.
Contrasting with last year's October, chemical products and plastics grew by 9.6 percent to SR5.7 billion and 1.9 percent to SR5.4 billion, respectively.
Transport equipment have been gaining traction in 2013 as the fastest growing export category, rapidly surpassing base metals exports in value terms.
They currently account for 15 percent of total non-oil exports with a record growth pace of 127.2 percent, standing at SR2.7 billion.
The UAE regained its position in October as the largest export destination after lagging behind China for thee consecutive months. At SR2.6 billion, exports to UAE surged by 85.1% year-on-year, accounting for 14.4 percent of total nonoil exports.
China, which started to pick up steam, received exports from the Kingdom worth SAR2.5 billion, or 13.8 percent of total exports, up ticking by 22.7 percent year-on-year.
Exports to Singapore inched downwards by 1.2 percent compared to last year, making a sole SAR1 billion, an equivalent to 5.6 percent of total non-oil exports.
On the import side, the composition of the SR44.2 billion worth of imports show that 24.8 percent of imports were machinery and electrical equipment. Total value of this category in amounted to SR10.9 billion, which is 2.5 percent lesser than October 2012's figure.
The second largest import category was transport equipment rose by 1.6 percent compared to last annum, registering SR8.3 billion.
Imports of base metals fell by 8 percent Y/Y, making SR5.1 billion or 11.6 percent of imports, according to the review.
The NCB Saudi Economic Review for December 2013 added that Brent crude prices held steady above 108 a barrel since the start of the year, little changed from 111.7 a barrel in 2012, and 110.9 a barrel in 2011.
However, excess supply, attributed to US shale oil and a potential resurgence in exports from Iran, Iraq, and Libya may push prices lower in 2014 if productions cuts by other OPEC members are not made.
It is projected that Saudi Arabia, Kuwait, Qatar, and UAE would have to reduce their production by 1 million bpd to prevent an oil glut and keep prices stable above the 100 a barrel level.