Saudi Arabia’s trade surplus remained strong in September 2023, according to recent data from the country’s statistics body, the General Authority for Statistics (GASTAT).
GASTAT reported the Kingdom posted a trade surplus of SAR 44 billion ($11.73 billion) for the month of September. Merchandise exports during this period totalled SAR 104 billion, while imports amounted to SAR 60 billion.
Compared to August, when the trade surplus was SAR 30 billion, September saw a growing surplus as imports decreased from SAR 70 billion the previous month.
Overall, exports decreased by 17.1% year-over-year in September 2023. The total value of exports for the month was SAR 103.8 billion, down from SAR 125.3 billion in September 2022.
This decrease was mainly due to lower oil exports, which fell 17.1% to SAR 83.1 billion from SAR 100.3 billion in September 2022. Oil exports now make up 80.1% of total exports.
Non-oil exports, including re-exports, also dropped 17.2% year-over-year to SAR 20.7 billion in September 2023.
In terms of ports, Jeddah Islamic Sea Port accounted for 24.1% of imports by value at SAR 14.5 billion. The other top ports were King Abdulaziz Sea Port in Dammam (19.6%), King Khalid Int Airport in Riyadh (11.0%), Ras Tanura Sea Port (6.6%), and King Fahad Int Airport in Dammam (6.4%). These five ports together handled 67.8% of the Kingdom’s total imports.
While exports declined, Saudi Arabia’s overall trade surplus rose in September, indicating the resilience of its trade sector. As the economy transitions away from oil dependence, growing non-oil exports will be important to watch in the coming months.
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Last Updated on November 23, 2023 by Safiya K
