Saudi Arabia Trade Surplus Decline

In October 2023, Saudi Arabia’s trade surplus fell drastically to SAR 30.4 billion. This is a significant drop from SAR 60.0 billion the previous year. The country’s exports decreased by 17.4% to SAR 104.3 billion. This was mainly due to a decline in oil product sales, which make up 79.7% of total exports. Non-oil product shipments also fell by 13.9% to SAR 22.0 billion. China, Japan, and India were the major destinations for these exports. On the other hand, imports rose by 11.5% to SAR 73.9 billion. This increase was driven by the purchase of machinery, appliances, electrical equipment, and transport equipment. China, the US, and the UAE were the top sources of these imports.

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Ethan O. Miller

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