Saudi Arabia's trade balance recorded a surplus of SAR 29.18 billion in February 2017, versus a deficit of SAR 403 million in the same month last year, official data compiled by Argaam showed. 

 

Total exports jumped 49 percent year-on-year (YoY) to SAR 65.79 billion in February, while imports fell 18 percent YoY to SAR 36.6 billion.

 

The increase in exports was driven by a 75 percent YoY rise in oil exports - which account for 80.8 percent of the kingdom’s total exports.

 

Non-oil exports, however, dropped 9 percent YoY to SAR 12.6 billion.

 

Saudi Arabia’s Trade Balance (SAR bln)

 

  Trade Balance

    Imports

     Exports

Period 

(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

25.831

43.297

69.128

January 2017

29.183

36.604

65.787

February
 
The United States remained the top exporter to Saudi Arabia in February, followed by China, Germany and the United Arab Emirates.

 

The top ten exporters account for 64.7 percent of the kingdom's total imports.

 

Meanwhile, Japan retained its spot as Saudi Arabia’s top importer, followed the US, China, and South Korea. 

 

The top ten importers accounted for 71.1 percent of the kingdom's total exports.

 

Top 10 Exporters to Saudi Arabia (SAR bln)

 Variance (%)

     February 2017

      February 2016

Country

+3%

6,055

5,873

USA

(21%)

5,413

6,860

China

(17%)

2,510

3,031

Germany

--

2,321

2,313

UAE

(12%)

1,564

1,774

India

+4%

1,508

1,450

Italy

(49%)

1,352

2,646

Japan

(32%)

1,262

1,862

South Korea

(32%)

875

1,282

France

(32%)

805

1,181

UK

(16%)

23,664

28,271

Total

--

64.7%

63.4%

As percentage of total imports

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