Saudi trade balance records $20.19bln surplus in Q1-20

In March, Saudi foreign trade surplus declined by 81.43%

  
A Saudi money exchanger wears gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020.

A Saudi money exchanger wears gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020.

REUTERS/Ahmed Yosri

Riyadh - Saudi trade balance showed a surplus of around SAR 75.73 billion during the first quarter (Q1) of 2020, as the total foreign trade volume of Saudi Arabia amounted to around SAR 320 billion.

The merchandise exports and imports reached nearly SAR 197.7 billion and SAR 122 billion, respectively, in the first three months of 2020.

In March, Saudi foreign trade surplus declined by 81.43% year-on-year (YoY) or SAR 34.3 billion to SAR 7.814 billion and 68.24% month-on-month (MoM) or SAR 16.8 billion.

The exports and imports recorded SAR 48.35 billion and SAR 40.53 billion, respectively, in March, with a total trade volume of SAR 88.9 billion, as shown by data by the Saudi General Authority for Statistics (GaStat).

Meanwhile, the share of oil in the total exports declined to 68.1% in March 2020, compared to 76.8% in March 2019.

Non-oil exports declined by 22.9% in March 2020 when compared to March 2019.

© Mubasher 2020

More From GCC