Saudi Press

Saudi Arabia and the world
Tuesday, Jun 18, 2024

Saudi trade balance surplus surges to $12bn in February

Saudi trade balance surplus surges to $12bn in February

Saudi Arabia’s balance of trade witnessed its first increase in nine months as it grew by SR6 billion ($1.6 billion) in February 2023 compared to a month earlier.
The trade balance surplus surged 16.6 percent, reaching SR44.5 billion from SR38.2 billion in January, data released by the General Authority for Statistics revealed.

Ever since a SR8.2 billion increase last May, the Kingdom’s surplus has been shrinking by an average of SR6.4 billion a month, showed the data.

The surge in February was primarily caused by the large drop in merchandise imports, which fell by 16.3 percent, or SR11.1 billion, from the month prior to reach SR56.6 billion.

Saudi Arabia’s merchandise exports also tumbled by 4.5 percent in February, falling by SR4.7 billion to reach 101.1 billion, showed the GASTAT data.

On a year-on-year basis, the Kingdom’s non-oil exports, including re-exports, decreased by 16.4 percent to SR20.9 billion in February compared to the same month in 2022.

In its report, GASTAT noted that the Kingdom’s non-oil exports were pulled down by a 20.6 percent drop in chemical and allied industries, accounting for 33.2 percent of non-oil merchandise exports in February.

The report further pointed out that overall merchandise exports fell by 12.7 percent in February to SR101.1 billion, down from SR115.8 billion the year prior. This was driven by a 11.7 percent drop in the Kingdom’s oil exports to reach SR80.2 billion in February.

Saudi Arabia’s merchandise imports increased by 15.2 percent in February to SR56.6 billion compared to SR49.1 billion in the same period last year.

The report added that the most imported merchandise in February was machinery, mechanical appliances, and electrical equipment parts, which accounted for 20.8 percent of the total merchandise imports.

As imports rose by 15.2 percent and non-oil exports fell 16.4 percent year-on-year, the ratio of non-oil exports to imports dropped by 13.9 percent in that period to reach 37 percent.

China sustained its position as the top global export destination for Saudi Arabia that month accounting for 17.4 percent of total Saudi exports valued at SR17.6 billion.

It was followed by Japan with exports valued at SR10.2 billion — 10.1 percent of the total — and India at SR9.9 billion, which was responsible for 9.7 percent, showed the data.

As for the Kingdom’s imports, China also took the lead, accounting for 23.4 percent of the total, worth SR13.2 billion.

The US followed with SR5.1 billion, or 8.9 percent of the total. India came in third with SR3.8 billion, or 6.7 percent of the total imports, showed the report.

Jeddah Islamic Port let through 30 percent of the total imports worth SR17 billion, making it the Kingdom’s primary port for incoming goods in February.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Good day, everyone! We've got a lively mix of stories today, from financial recoveries and international sanctions to...
Giorgia Meloni Comments on Israel's Conflict and EU's Stand on Ukraine Loan
Israel Plans Tactical Pause For Aid Deliveries in South Gaza
Giorgia Meloni Comments on Israel's Conflict and EU's Stand on Ukraine Loan
Over 1.5 Million Pilgrims Arrive in Mina for Hajj
Japan Considers Sanctions on UAE-Based Entities for Aiding Russia
Global Headlines: Pope’s Plea on AI, Tensions in Ukraine, and Japan’s Sanction Strategy
Houthi Missile Attack Severely Injures Sailor on Cargo Ship
Iran Expands Nuclear Capabilities: IAEA Report
Saudi Hospitality Sector to Grow by 7.5% Annually Until 2028
Ceer and Hyundai Transys Sign $2 Billion Deal for EV Drive Systems
Israel Rescues Four Hostages from Gaza
Turkish Student Arrested for Using AI to Cheat in University Exam
Saudi Arabia Dominates Global Construction with $1.5 Trillion Pipeline
Fortis Expands Fintech Solutions to Saudi Arabia's SME Sector
Saudi Arabia's Industry 4.0 Initiative and Vision 2030
Saudi Arabia's Booming Automotive Market
"Saudi Stock Market Recap: Tadawul Dips While Nomu Surges"
"Saudi Arabia's Economic Growth Soars: Gross Fixed Capital Formation Surges by 7.9%"
"Saudi Arabia Tops Global Mining Investment Rankings: A New Era of Mineral Prosperity"
"Saudi Arabia's Record-Breaking Year in Travel & Tourism: A Global Tourism Hotspot in the Making"
Saudi Foreign Minister Attends BRICS Ministerial Meeting in Russia
"Saudi Arabia's New Workplace Safety Measures: A Summer of Shade for Private Sector Workers"
"King Salman Welcomes Over 2,300 Pilgrims for Hajj, Including 1,000 Palestinians"
"A Miraculous Birth at the Heart of the Hajj: A Nigerian Pilgrim Gives Birth in Makkah"
"Camel Culture: A Comparative Study Across Three Countries"
"Oil Prices on the Rise: Goldman Sachs Predicts a Third-Quarter Surge"
"Saudi Arabia's Finance Sector Thrives: A 13% Asset Surge in 2023"
Egypt's Inflation Rate Drops Surprisingly in May
"Saudi Aramco Remains Top Company in Forbes Middle East's Top 100 List for 2024"
"Saudi Arabia's Maritime Sector Soars: A 8.09% Increase in Cargo Handling"
"Qatar's Export Growth Soars in Q1 2024: A 6% Increase in Private Sector Exports"
"Saudi Arabia Achieves Tourism Milestones: A Giant Leap Towards Global Leadership"
"Saudi Arabia's Mining Sector Soars: A New Industrial Pillar"
"Saudi Arabia's Industrial Growth: A Boost in Manufacturing and Mining Sectors"
"Indonesia Launches TB Vaccine Trials to Combat Soaring Cases and Boost Economic Growth"
Tragic Attack in Indian-Controlled Kashmir: Nine Killed, Thirty-Three Injured
"India's Record-Breaking Heatwave: A Warning from the Weather Experts"
"Urgent Update: Devastating Floods and Landslides in Northern Vietnam"
"IOC President Assures Unwavering Support for Paris 2024 Amidst French Political Upheaval"
"Breaking News: Paris Chanel Store Ram-Raid and Fire"
"Ukraine's Reconstruction Chief Resigns: A Decade of Service and Frustration"
Tragic Attack in Yargoje, Nigeria: Over 50 Lives Lost and Many Kidnapped
"Violent Clash in Central Somalia: 55 Dead and 155 Injured"
Urgent Appeal for Peaceful Dialogue: Australia's Prime Minister Addresses Israel-Palestine Tensions
"Revival in Mosul's Old City: A Journey from Daesh's Stronghold to Cultural Renaissance"
"U.S. Secretary of State Blinken Pursues Ceasefire in Gaza"
"UAE Cracks Down on Unwanted Cold Calls: New Regulations Announced"
Turkish Foreign Minister Hakan Fidan Meets Hamas Leader Ismail Haniyeh at GCC High-Level Strategic Dialogue in Doha
Exclusive Interview with Daesh Widow: Allegations of Torture against Former Leader Abu Bakr Al-Baghdadi
×