25 Jun 2024
RIYADH: Saudi Arabia’s trade balance surplus hit a year-high of SR41.4 billion ($11.04 billion) in April, a 36 percent increase from the previous month, fueled by a surge in non-oil exports.
According to the General Authority for Statistics, the Kingdom’s non-oil shipments rose by 12.4 percent in April compared to the same month last year.
This comes as the Kingdom intensifies its efforts to boost non-oil exports to reduce its reliance on the energy sector and diversify its economy. The significant growth underscores Saudi Arabia’s commitment to strengthening other sectors and achieving a more balanced economic structure.
National non-oil exports, excluding re-exports, saw a modest rise of 1.6 percent in April this year compared to April 2023, while re-exported goods experienced a substantial increase of 56.4 percent over the same period.
In contrast, overall outbound merchandise supply fell by 1.0 percent, primarily due to a 4.2 percent decline in oil exports. As a result, the proportion of oil in total outbound supply decreased from 80.6 percent in April 2023 to 78.0 percent in April this year.
Imports also saw a slight decline of 1.3 percent, and the merchandise trade balance surplus dropped by 0.5 percent compared to the previous year.
Month-over-month comparisons show a decrease in the value of merchandise exports by 1.7 percent, non-oil exports by 6.3 percent, and imports by 17.4 percent. However, the Kingdom’s trade balance still saw a substantial increase.
The ratio of non-oil merchandise exports to imports improved significantly, rising to 37.1 percent in April from 32.6 percent in April 2023. This improvement is attributed to the increase in non-oil exports and the decrease in imports.