Saudi Arabia’s Trade Balance Surges to Year-High in April
In a remarkable achievement, Saudi Arabia’s trade balance surplus soared to a year-high of SR41.4 billion ($11.04 billion) in April, marking a substantial 36 percent increase from the previous month. This surge was largely driven by a significant uptick in non-oil exports.
Boosting Non-Oil Exports to Diversify Economy
The General Authority for Statistics reported a 12.4 percent increase in the Kingdom’s non-oil shipments in April compared to the same period last year. This development reflects Saudi Arabia’s ongoing efforts to strengthen non-oil exports, reduce reliance on the energy sector, and foster economic diversification.
Shift Towards a Balanced Economic Structure
The growth in non-oil exports underscores Saudi Arabia’s commitment to enhancing sectors beyond oil and achieving a more balanced economic structure. National non-oil exports, excluding re-exports, experienced a modest rise of 1.6 percent in April this year compared to April 2023.
Key Highlights of Trade Statistics
While re-exported goods saw a substantial increase of 56.4 percent, overall outbound merchandise supply fell by 1.0 percent, primarily due to a 4.2 percent decline in oil exports. Imports also witnessed a slight decline of 1.3 percent.
Improving Trade Balance Ratio
Despite month-over-month decreases in merchandise exports, non-oil exports, and imports, the Kingdom’s trade balance saw a significant increase. The ratio of non-oil merchandise exports to imports improved to 37.1 percent in April, reflecting the growth in non-oil exports and the decline in imports.
Top Export and Import Categories
Plastics, rubber, and chemical products were among the leading non-oil exports, while machinery, electrical equipment, and transportation equipment dominated imports. China remained Saudi Arabia’s largest trading partner, accounting for a substantial portion of both exports and imports.
Major Entry Points for Imports
The main entry points for imports into the Kingdom included King Abdulaziz Sea Port in Dammam, Jeddah Islamic Sea Port, and King Khalid International Airport in Riyadh. These ports collectively handled a significant portion of Saudi Arabia’s total merchandise imports.
Reliable Statistics from Official Sources
These trade statistics are based on administrative records from the Zakat, Tax and Customs Authority and the Ministry of Energy, with classifications according to the Harmonized System maintained by the World Customs Organization.