Saudi Arabia trade surplus hits lowest level in over a year

Saudi Arabia's trade surplus fell to 14.4 billion riyals in July, representing a 25% decrease year-on-year and a 13.6% decline compared to June, according to data from the General Authority for Statistics.

The decline was driven by a 17.2% year-on-year drop in total commodity exports, which outpaced a 15.4% decrease in imports. Oil exports fell by 12.8% year-on-year to 59.9 billion riyals, though they accounted for a larger share of total exports at approximately 71%, up from 67% the previous year. Non-oil exports, including re-exports, saw a sharper decline of 26.2%.

In terms of trading partners, China reclaimed its position as the top destination for Saudi exports in July. Meanwhile, exports to the United States grew by 3.5% to reach 4.7 billion riyals, the highest level since the start of the year.