Recently-released export statistics tell the tale of the catastrophic impact of the Covid-19 pandemic on Saudi Arabia’s export revenues. The value of critical oil exports in March was down more than 50% year-on-year to just $8.8bn. The ramp-up in oil exports to record levels in April (MEES, 12 June) will help mitigate further sharp declines in oil prices that month. But April’s trade figures will still make for grim reading. March non-oil exports also fell in value – petrochemicals are a large component – but nowhere near as precipitously as oil. Oil accounted for 80% of export revenue at the start of the year, but the figure was just 68% in March. The trade surplus also slumped, from $11.5bn in January to just $2.1bn in March.