Saudi Arabia’s Trade Balance Achieves $10b Surplus in June

Saudi Arabia’s Trade Balance Achieves $10b Surplus in June

Saudi Arabia’s trade balance achieved a surplus of about SAR 38 billion (about $10 billion) during June of 2023, according to a report of the General Authority for Statistics (GASTAT).

Saudi Arabia’s trade surplus narrowed to SAR 29.5 billion in May 2023, the lowest record in two years, due to a decline in oil exports with the implementation of the voluntary oil output cut by 500,000 barrels per day.

The trade balance increased by 29 percent on a monthly basis between June and May due to the drop in imports of 26 percent compared to May.

The authority stated in its monthly report that the Kingdom’s merchandise exports decreased by 39.7 percent on an annual basis in June, reaching SAR 88.8 billion, while imports fell 17.1 percent to SAR 51.4 billion.

Non-oil exports (including re-exports) adapted to a 45 percent year-on-year shift in June, equaling SAR 16.9 billion compared to 30.7 billion. In tandem, non-oil exports, excluding re-exports, experienced a 46.1 percent decline.

Re-exports declined to 39.8 percent in the same period.

The value of non-oil exports (including re-exports) dropped by SAR 9.9 billion, 36.8 percent, in comparison with May 2023.

GASTAT indicated that oil exports declined by 38.3 percent on an annual basis in June, reaching