Saudi Arabia’s trade surplus surged 53.4% in July, driven by a sharp rise in non-oil exports, in a boost to the kingdom’s efforts to diversify income sources and reduce reliance on crude.
Non-oil exports, including re-exports, grew 30.4% year-on-year, pushing the trade surplus to 26 billion riyals ($7 billion) – the highest since May 2024 – according to data from the General Authority for Statistics.
Overall merchandise exports rose 7.8% to 102 billion riyals ($27 billion), despite a slight 0.7% dip in oil exports. Imports fell 2.5% to 76 billion riyals ($20 billion). The ratio of non-oil exports to imports climbed to 44.6%, up from 33.4% a year earlier.
Electrical machinery, equipment and parts accounted for 29.7% of total non-oil exports, surging 191% from a year earlier. Chemicals followed with a 19.6% share, edging up 0.9%. On the import side, electrical machinery and equipment made up 29.9% of the total, rising 11.7%, while transport equipment, at 13.2%, fell 9.6%.
“This growth reflects the success of economic policies in diversifying the export base and strengthening Saudi Arabia’s position as a global trade and logistics hub,” financial and economic adviser Hussein al-Attas told Asharq Al-Awsat.
He noted that re-export activity, particularly in electrical and electronic equipment, had seen exceptional growth, supported by modern port and airport infrastructure, streamlined customs procedures, and the kingdom’s strategic location.
Al-Attas said that government policies tied to Vision 2030, including investments in free zones and logistics services, had turned Saudi Arabia into a magnet for global companies. He pointed to chemicals, petrochemicals, plastics and rubber products as key sectors adding high value, while re-exports of electrical equipment and rising trade volumes had directly boosted logistics, shipping and storage.
He added that sustaining momentum would require greater private sector investment in manufacturing intermediate goods and raw materials locally, as well as joint ventures with international firms to enhance value-added exports.
China remained the top destination for Saudi exports in July, accounting for 14% of the total, followed by the United Arab Emirates at 10.6% and India at 9.4%. Together with South Korea, Japan, the United States, Egypt, Malta, Poland and Türkiye, the top 10 buyers took 65.7% of exports.
China also led on imports, with a 25.8% share, followed by the United States (8%) and the UAE (6.4%). Germany, India, Japan, Italy, France, Britain and Switzerland rounded out the top 10, making up 64.3% of total imports.
The King Abdulaziz Port in Dammam was the main gateway for goods into the kingdom, handling 26.1% of imports in July, followed by Jeddah Islamic Port (20.9%), King Khalid International Airport in Riyadh (14.4%), King Abdulaziz International Airport in Jeddah (11.2%) and King Fahd International Airport in Dammam (5.7%). Together, these five hubs accounted for 78.2% of total imports.
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