Arab News, Saturday, Sep 02, 2023 | Safar 14, 1445
Saudi Arabia’s trade balance touches $30.12bn surplus in Q2
Saudi Arabia:
Saudi Arabia’s trade balance, representing the difference between the nation’s
merchandise exports and imports, reached SR113 billion ($30.12 billion) in the
second quarter of 2023, as per recently released government data.
According to the General Authority for Statistics
report, Saudi Arabia exhibited resilience in its trade performance, as the
Kingdom’s overall merchandise exports reached SR291.6 billion in the second
quarter of this year, adapting to a 31.8 percent adjustment from SR427.8 billion
in the same period of the previous year.
The report highlighted that the decline in overall
exports was predominantly driven by a 33.4 percent drop in oil exports during
the second quarter, amounting to SR227.7 billion, compared to SR341.6 billion
during the same period of the previous year.
This fall in oil exports was influenced by the
decision of the Organization of the Petroleum Exporting Countries and its
allies, known as OPEC+, to reduce output to stabilize oil market fundamentals.
In April, OPEC+ decided to reduce global oil
production, with Saudi Arabia voluntarily trimming output by 500,000 barrels per
day.
Building on this commitment, Saudi Arabia
implemented an additional 1 million bpd cut in June, a practice extended
throughout July, August and September.
The GASTAT report added that Saudi Arabia’s
non-oil exports, including re-exports, dipped 25.9 percent in the second quarter
to SR63.9 billion from SR86.2 billion in the same period of 2022.
On the other hand, non-oil exports, excluding
re-exports, decreased by 30.8 percent annually in the second quarter of 2023.
The report added that the Kingdom’s merchandise
imports increased 2 percent or SR3.5 billion to SR178.9 billion in the second
quarter, compared to SR175.4 billion in the same period of the previous year.
The GASTAT report highlighted that chemical and
allied products were the most important non-oil export goods in the second
quarter of this year, constituting 29.6 percent of total non-oil exports.
In the second quarter of this year, China was
Saudi Arabia’s primary merchandise trading partner, with exports to the Asian
nation amounting to SR48.8 billion or 16.7 percent of the total.
Japan and India followed closely with SR26.9
billion and SR26.8 billion of the total exports, respectively.
South Korea, the US, the UAE, Bahrain, Singapore,
Taiwan, and Egypt were the other countries that ranked in the top 10
destinations for Saudi Arabia’s exports.
On the import side, China held the lead,
accounting for 20.9 percent or SR37.4 billion in imports in the second quarter
of 2023. China was followed by the US and the UAE, with imports valued at SR15.1
billion and SR10.6 billion, respectively.
According to the report, the Jeddah Islamic Port
ranked as the highest entry point for goods into the Kingdom in the second
quarter, with a value of SR49.1 billion, constituting 27.4 percent of the
overall imports.