Saudi Arabia's trade balance recorded a surplus of SAR 29.18 billion in February 2017, versus a deficit of SAR 403 million in the same month last year, official data compiled by Argaam showed.
Total exports jumped 49 percent year-on-year (YoY) to SAR 65.79 billion in February, while imports fell 18 percent YoY to SAR 36.6 billion.
The increase in exports was driven by a 75 percent YoY rise in oil exports - which account for 80.8 percent of the kingdom’s total exports.
Non-oil exports, however, dropped 9 percent YoY to SAR 12.6 billion.
|
Saudi Arabia’s Trade Balance (SAR bln) |
||||
|
Trade Balance |
Imports |
Exports |
Period |
|
|
(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 |
|
|
25.831 |
43.297 |
69.128 |
January 2017 |
|
|
29.183 |
36.604 |
65.787 |
February |
|
The top ten exporters account for 64.7 percent of the kingdom's total imports.
Meanwhile, Japan retained its spot as Saudi Arabia’s top importer, followed the US, China, and South Korea.
The top ten importers accounted for 71.1 percent of the kingdom's total exports.
|
Top 10 Exporters to Saudi Arabia (SAR bln) |
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|
Variance (%) |
February 2017 |
February 2016 |
Country |
||
|
+3% |
6,055 |
5,873 |
USA |
||
|
(21%) |
5,413 |
6,860 |
China |
||
|
(17%) |
2,510 |
3,031 |
Germany |
||
|
-- |
2,321 |
2,313 |
UAE |
||
|
(12%) |
1,564 |
1,774 |
India |
||
|
+4% |
1,508 |
1,450 |
Italy |
||
|
(49%) |
1,352 |
2,646 |
Japan |
||
|
(32%) |
1,262 |
1,862 |
South Korea |
||
|
(32%) |
875 |
1,282 |
France |
||
|
(32%) |
805 |
1,181 |
UK |
||
|
(16%) |
23,664 |
28,271 |
Total |
||
|
-- |
64.7% |
63.4% |
As percentage of total imports |
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