Saudi Arabia’s trade balance surplus soared to a year-high of SR41.4 billion ($11.04 billion) in April, marking a 36 percent increase from the previous month, driven by a substantial rise in non-oil exports. According to the General Authority for Statistics, the Kingdom’s non-oil shipments grew by 12.4 percent in April compared to the same month last year. This growth is a testament to Saudi Arabia’s intensified efforts to diversify its economy and reduce its dependency on the energy sector.
Despite a 4.2 percent decline in oil exports, the proportion of oil in the total outbound supply dropped to 78.0 percent from 80.6 percent the previous year. Notably, the Kingdom’s non-oil exports, excluding re-exports, experienced a modest increase of 1.6 percent, while re-exported goods surged by 56.4 percent. Imports decreased slightly by 1.3 percent, contributing to the overall merchandise trade balance surplus. The ratio of non-oil merchandise exports to imports improved significantly, highlighting the Kingdom’s successful push towards economic diversification. Key non-oil exports included plastics, rubber, and chemical products, while machinery and electrical equipment led imports. China remained Saudi Arabia’s largest trading partner, dominating both export and import categories.