Saudi Arabia’s Non-Oil Exports to GCC Countries Surge in May
In a remarkable development, Saudi Arabia’s total non-oil merchandise exports to Gulf Cooperation Council countries soared to SR10.99 billion ($2.9 billion) in May, marking a substantial increase from SR8.43 billion in the same period last year.
Improved Trade Balance with GCC Nations
According to preliminary data from the General Authority for Statistics, there was a modest rise in merchandise imports from GCC countries, climbing from SR6.03 billion to SR6.24 billion during this period. This led to a notable improvement in Saudi Arabia’s non-oil trade balance with the GCC, which rose to SR4.74 billion in May from SR2.40 billion a year earlier.
UAE Leads Non-Oil Trade with Saudi Arabia
The UAE maintained its position as Saudi Arabia’s largest non-oil trading partner within the GCC. Non-oil exports from the UAE to Saudi Arabia surged from SR4.90 billion in May 2023 to SR6.07 billion this year. Imports from the UAE also increased, rising from SR3.63 billion to SR4.54 billion, resulting in an improved trade balance of SR1.52 billion, up from SR1.26 billion last year.
Trade Balances of Kuwait, Oman, Bahrain, and Qatar
While Kuwait experienced a decrease in its trade balance with Saudi Arabia, dropping from SR1.26 billion in May 2023 to SR571.4 million this year, Oman saw a substantial improvement in its trade deficit, narrowing to SR239.3 million in May from SR887.1 million the previous year. Bahrain achieved a significant increase in its trade surplus, reaching SR2.83 billion in May, up from SR555.2 million the previous year. On the other hand, Qatar’s trade balance with Saudi Arabia declined, falling from SR204.9 million in May 2023 to SR56.9 million this year.