Saudi Arabia records trade surplus of $4.9bln in August

The kingdom’s merchandise exports decreased by 25.1% year-on-year (YoY) in August to SAR 57.376 billion from SAR 76.643 billion in the year-ago month, official data showed.

This decline resulted from a 33.8% yearly fall in oil exports, with their share in total exports sliding to 69% in August 2020.

When compared to July, total merchandise exports increased by SAR 6.237 billion or 12.2%.

On the contrary, non-oil exports grew by 5.7% YoY in August 2020, rising to SAR 17.758 billion from SAR 16.799 billion in August 2019.

Plastic products declined by 8.8% or SAR 512 million while chemical products slipped by 13.5% or SAR 721 million. On a month-on-month (MoM) basis, non-oil exports surged by SAR 334 million or 1.9%.

Merchandise imports plunged by 17.3% in August 2020, reaching SAR 38.986 billion, ascribed to a drop in vehicles and associated transport equipment section by 57% and machinery and mechanical appliances; electrical equipment segment by 8.3%.

MoM, the imports rose by SAR 1.324 billion or 3.5%.

China was Saudi Arabia’s main trading partner for merchandise trade in August with exports of SAR 9.708 billion. Japan and the UAE followed next with SAR 6.133 billion and SAR 5.450 billion, respectively.

Imports from China amounted to SAR 7.970 billion in August.