Saudi Arabia’s trade surplus contracted in the third quarter of this year as exports fell and imports rose, forcing the nation’s trade surplus down to SAR 100 bn (a 54% drop), according to figures from the General Authority for Statistics (pdf).

By the numbers:

  • Exports were down 25% y-o-y to SAR 300 bn in 3Q 2023
  • Imports rose 9.3% to SAR 200 bn

Oil production cuts weigh heavily on exports — and the economy as a whole. Oil exports fell 27.8% y-o-y to SAR 231 bn in 3Q 2023. Meanwhile, non-oil exports fell 13% y-o-y to SAR 68.7 bn. The economy contracted 4.5% y-o-y in 3Q on the back of lower oil activity even as the private sector boom continued.

Non-oil exports accounted for 77% of total exports in 3Q 2023, down from 80% in the same quarter last year. Exports of chemical exports fell 34% y-o-y in 3Q 2023, while plastic and rubber exports declined 18.5% in the same period.

China remains our biggest trade partner:While the value of our exports to China declined 25% y-o-y in 3Q 2023 to SAR 49 bn, Beijing remained our biggest trade partner, taking 16.4% of our total exports, followed by Japan, South Korea, India, UAE, USA, Bahrain, Poland, Egypt, and Taiwan. On the flip side, our imports from China have increased 8.6% y-o-y to SAR 40.6 bn in 3Q 2023, cementing its position as our biggest exporter.

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