Saudi Arabia's Trade Surplus Falls 25% to $3.83 Billion in July

TDT | Agencies

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Saudi Arabia's merchandise trade surplus fell 25 percent year on year to SR14.36 billion ($3.83 billion) in July, as a decline in imports partly offset a sharper drop in exports, according to preliminary data from the General Authority for Statistics.

Merchandise exports decreased 17.2 percent to SR84.38 billion, driven by declines in oil and non-oil exports. Imports fell 15.4 percent to SR70.02 billion.

GASTAT said oil exports accounted for 71 percent of total exports in July, compared with 67.4 percent a year earlier. Non-oil exports, including re-exports, declined 26.2 percent, while national non-oil exports excluding re-exports fell 14.8 percent. Re-exported goods dropped 40 percent.

Among non-oil exports, plastics, rubber and related products accounted for the largest share at 19.8 percent, despite a 17.8 percent decline. Chemical products represented 18.6 percent, with exports falling 32.1 percent.

On the import side, machinery, electrical equipment and parts made up 25.7 percent of total imports, down 26.6 percent year on year. Transport equipment and parts accounted for 10.2 percent, declining 41.2 percent.

The ratio of non-oil exports, including re-exports, to imports fell to 35 percent, from 40.1 percent a year earlier.

The UAE was the leading destination for Saudi Arabia's non-oil exports, receiving goods worth SR6.61 billion, followed by India at SR3.20 billion, China at SR1.55 billion and Kuwait at SR972.1 million.

For overall merchandise exports, China was the largest destination at 13.4 percent, followed by the UAE at 10 percent and Japan at 8.7 percent. The top 10 destinations accounted for 67.2 percent of total exports.

China was also the largest source of imports, accounting for 22.7 percent, followed by the US at 8.4 percent and Switzerland at 6.9 percent. The top 10 import sources represented 64.7 percent of total imports.

Jeddah Islamic Port was the leading entry point for imports, handling 42.7 percent of total merchandise imports. King Khalid International Airport in Riyadh followed at 17.7 percent, while King Abdulaziz International Airport in Jeddah accounted for 10.1 percent.

Together, the five main gateways handled 80.3 percent of Saudi Arabia's merchandise imports in July.

For non-oil exports, Jeddah Islamic Port was the leading outlet at 24.2 percent, followed by Al-Batha Port, King Khalid International Airport, King Abdulaziz International Airport and Al Haditha Port. Collectively, the five gateways accounted for 58 percent of total non-oil exports.