Arab News: Saudi Arabia’s merchandise trade surplus surged to SR26.03 billion ($6.91 billion) in May, driven by higher oil exports and a sharp decline in imports, preliminary government data showed.
The surplus widened 328.8 percent from a year earlier as merchandise exports rose 3.9 percent year on year to SR93.78 billion, while imports fell 19.5 percent to SR67.75 billion, according to the General Authority for Statistics.
The increase reflected a recovery in oil exports, which climbed 19.5 percent from May 2025 and accounted for 75.6 percent of total exports, up from 65.7 percent a year earlier.
The figures point to a recovery in Saudi Arabia’s merchandise trade balance after oil exports rebounded, offsetting weakness in non-oil trade. The Kingdom has increasingly relied on expanding non-oil industries and exports to reduce its dependence on hydrocarbons, a key objective of its Vision 2030 economic transformation strategy.
In its latest report, GASTAT stated: “The ratio of non-oil exports (including re-exports) to imports decreased in May 2026, reaching 33.8 percent compared with 36.8 percent in May 2025. This decrease was driven by a 26.1 percent decrease in non-oil exports, alongside a 19.5 percent decrease in imports over the same period.”
National non-oil exports, excluding re-exports, declined 27.3 percent, while the value of re-exported goods dropped 24.4 percent. The decline in re-exports was led by a 32.4 percent fall in machinery, electrical equipment and parts, which accounted for 46.2 percent of total re-exports.
Machinery, electrical equipment and parts remained the leading non-oil export category, accounting for 22 percent of total non-oil exports, though the value fell 31.6 percent year on year. Plastics, rubber and their articles ranked second at 17.6 percent of non-oil exports, down 28.2 percent.
On the import side, machinery, electrical equipment and parts also topped the list, representing 26.4 percent of total imports and declining 28 percent. Mineral products followed at 11.9 percent of imports and recorded a 65.7 percent increase compared with May 2025.
China leads export, import markets
China was Saudi Arabia’s largest merchandise export destination in May, accounting for 12.3 percent of total exports, followed by South Korea at 9.6 percent and the UAE at 7.5 percent. The top 10 export markets together accounted for 63.3 percent of overall exports. India, Japan, Egypt, Malta, Singapore, Poland and Taiwan were also among the leading destinations.
China was also the primary source of imports, supplying 22 percent of the total, ahead of the US at 10.7 percent and Egypt at 8.4 percent. The top 10 import origins represented 69 percent of all merchandise imports. The UAE, India, Germany, Switzerland, Italy, France and Russia were also among the other major suppliers.
Key customs ports
Jeddah Islamic Sea Port was the leading entry point for goods into Saudi Arabia, accounting for 35.7 percent of total imports in May.
It was followed by King Khalid International Airport, Riyadh, at 15.9 percent, King Abdulaziz International Airport, Jeddah, at 11.8 percent, King Fahad International Airport, Dammam, at 5.6 percent, and Al-Batha Port at 4.8 percent. Together, these five ports handled 73.8 percent of Saudi Arabia’s total merchandise imports.
For non-oil exports, Jeddah Islamic Sea Port was the primary outlet in May, accounting for 24.4 percent of total non-oil exports.
It was followed by King Khalid International Airport, Riyadh, at 13.7 percent, King Abdulaziz International Airport, Jeddah, at 12.7 percent, Al-Batha Port at 9.7 percent, and Yanbu Commercial Port at 4.7 percent. Together, these five ports accounted for 65.2 percent of Saudi Arabia’s total non-oil merchandise exports.
https://www.arabnews.com/node/2652334/business-economy
