Saudi Arabia's oil exports went up nearly 32% in 2010, with earnings rising to nearly $214.9 billion in 2010 as against $163.1 billion in 2009, a new government report has revealed.
The report, cited by Jadwa Investments, said this was the second highest level in current prices since the 2008 peak income of $281 billion, it added.
Moreover, the country's non-oil exports also jumped to $36.1 billion from $29.1 billion, while imports grew to $96.7 billion from $86.4 billion in the same period a year ago, the date showed.
Despite higher imports though, Saudi Arabia's current account surplus more than tripled to almost $66.8 billion in 2010 from $21 billion in 2009. The 2010 surplus was the second largest after the 2008 record balance of $132.3 billion.
Its trade balance surplus soared to $154.3 billion last year from $105.2 billion in 2009.
Growth in foreign workers' remittances dropped dramatically last year to just 1.9% from an average of 17% over the previous four years.
"The reason for the lower growth is not clear, though growth has been volatile in the past. There is no indication that the increase in foreign workers eased last year or that pay for expatriates was cut," Jadwa said.
Despite the slowdown, expatriate remittances amounted to $26.2 billion, an average of $72 million every day of 2010. Net incomes fell by 18% in 2010 to $6.8 billion, while returns on the government's holdings of foreign debt and equities totaled $14 billion in 2010, little changed on the 2009 figure, the report said.
Although the total stock of foreign assets was up slightly, this was likely offset by the marginal decline in US government bond yields.
"We think that most of the government's foreign assets are invested in US government bonds," Jadwa said.
Nonetheless, direct investment income payments hit a record of $9.9 billion, an indication of growing foreign participation in the kingdom's economy.
The report showed that the decline in net income was because of a sharp fall in revenues from other investments, such as interest payments on loans.
"In 2010, as with most recent years, the use of revenues that are not spent domestically to purchase foreign assets results in a net outflow on the capital and financial account," Jadwa said.
