Oil exports fell 18.9 billion rials ($5.04 billion) in October from a year earlier, a drop of nearly 1/3 (32.7%), while non-oil exports fell 0.3%, according to figures released by the Saudi government on Thursday.
Total exports fell 24.7 per cent, mainly due to a decline in oil exports, with oil shipments accounting for about 2/3 of total exports, compared with about 3/4 in October last year.
Compared with September, Saudi Arabia's total exports in October increased by 8.4 per cent, of which oil exports increased by 3.7 per cent.
The International Monetary Fund (IMF) now forecasts that Saudi GDP will shrink by 5 per cent in 2020.