Saudi Arabia's trade balance recorded a surplus of SAR 174.1 billion in 2016, official data compiled by Argaam showed.
The kingdom’s trade balance surplus hit SAR 28.2 billion in December, compared to a deficit of SAR 774 million for the same period in 2015.
Total exports jumped 25 percent year-on-year (YoY) to SAR 67.1 billion in December, while imports saw a 28 percent YoY fall to SAR 38.9 billion.
The increase in total exports was driven by a 42 percent YoY rise in oil exports - which account for 78 percent of the kingdom’s total exports.
Non-oil exports, however, dropped 10 percent YoY to SAR 14.9 billion.
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Saudi Arabia’s Trade Balance (SAR bln) |
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|
Trade Balance |
Imports |
Exports |
Period |
|||
|
(7.057) |
48.996 |
41.939 |
January |
|||
|
(0.403) |
44.562 |
44.159 |
February |
|||
|
6.088 |
46.942 |
53.031 |
March |
|||
|
8.637 |
44.211 |
52.848 |
April |
|||
|
14.576 |
48.316 |
62.892 |
May |
|||
|
15.486 |
44.424 |
59.910 |
June |
|||
|
20.821 |
36.675 |
57.495 |
July |
|||
|
16.025 |
44.136 |
60.161 |
August |
|||
|
23.812 |
33.201 |
57.013 |
September |
|||
|
27.001 |
39.498 |
66.499 |
October |
|||
|
20.858 |
39.757 |
60.614 |
November |
|||
|
28.214 |
38.867 |
67.081 |
December |
|||
The United States remained a top exporter to Saudi Arabia in the same period, despite an 11 percent YoY decline in total exports to SAR 7.3 billion.
|
Top 10 Exporters to Saudi Arabia (SAR bln) |
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|
Variance (%) |
December 2016 |
December 2015 |
Country |
||
|
(11%) |
7.306 |
8.172 |
US |
||
|
(21%) |
5.110 |
6.446 |
China |
||
|
(39%) |
2.297 |
3.778 |
Germany |
||
|
(18%) |
2.099 |
2.568 |
UAE |
||
|
(50%) |
1.834 |
3.675 |
Japan |
||
|
(51%) |
1.691 |
3.473 |
South Korea |
||
|
(8%) |
1.511 |
1.649 |
India |
||
|
(32%) |
1.413 |
2.071 |
France |
||
|
(23%) |
1.232 |
1.597 |
Italy |
||
|
(10%) |
988 |
1.104 |
Turkey |
||
|
(26%) |
25.480 |
34.533 |
Total |
||
|
-- |
%65.6 |
% 63.6 |
As percentage of total imports |
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