Saudi Arabia posts SAR 174 bln trade surplus in 2016

Saudi Arabia's trade balance recorded a surplus of SAR 174.1 billion in 2016, official data compiled by Argaam showed.

The kingdom’s trade balance surplus hit SAR 28.2 billion in December, compared to a deficit of SAR 774 million for the same period in 2015.

Total exports jumped 25 percent year-on-year (YoY) to SAR 67.1 billion in December, while imports saw a 28 percent YoY fall to SAR 38.9 billion.

The increase in total exports was driven by a 42 percent YoY rise in oil exports - which account for 78 percent of the kingdom’s total exports.

Non-oil exports, however, dropped 10 percent YoY to SAR 14.9 billion.

Saudi Arabia’s Trade Balance (SAR bln)
	Trade Balance	Imports		Exports	Period
(7.057)		48.996	41.939			January
(0.403)		44.562	44.159			February
6.088		46.942	53.031			March
8.637		44.211	52.848			April
14.576		48.316	62.892			May
15.486		44.424	59.910			June
20.821		36.675	57.495			July
16.025		44.136	60.161			August
23.812		33.201	57.013			September
27.001		39.498	66.499			October
20.858		39.757	60.614			November
28.214		38.867	67.081			December

The United States remained a top exporter to Saudi Arabia in the same period, despite an 11 percent YoY decline in total exports to SAR 7.3 billion.

Top 10 Exporters to Saudi Arabia (SAR bln)
Variance (%)	December 2016	December 2015			Country
(11%)	7.306	8.172		US
(21%)	5.110	6.446		China
(39%)	2.297	3.778		Germany
(18%)	2.099	2.568	UAE
(50%)	1.834	3.675	Japan
(51%)	1.691	3.473	South Korea
(8%)	1.511	1.649	India
(32%)	1.413	2.071	France
(23%)	1.232	1.597	Italy
(10%)	988	1.104	Turkey
(26%)	25.480	34.533	Total
--	%65.6	% 63.6			As percentage of total imports

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