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Oil exports show signs of recovery: Oil exports inched down a slight 0.7% reaching SAR 68.7 bn in July, partly recovering from its downward trend, according to preliminary data (pdf) from the General Authority for Statistics. Total merchandise exports rose 7.8% y-o-y reaching SAR 102.4 bn during the month, leading to a 52.4% rise in our trade balance to a surplus of SAR 26.8 bn. Meanwhile, oil exports’ share of total exports decreased by 5.7 percentage points y-o-y to 67.1%.
REFRESHER- The Kingdom’s oil output increased in June and July after Opec+ agreed to accelerate oil production increments, adding 411k bbl / d to the global market.
NON-OIL BREAKDOWN-
Non-oil merchandise exports were up 0.6% y-o-y in July. Total non-oil exports — including re-exports — grew 30.4% y-o-y over the same period, as re-exports soared 111.3% y-o-y to hit SAR 14.7 bn pushed up by a 209.6% rise in machinery, electrical equipment and parts.
The ratio of non-oil exports to imports climbed to 44.6% in July 2025, up from 33.4% a year earlier, driven by a 30.4% surge in non-oil exports despite a 2.5% drop in imports.
Machinery, electrical equipment and parts topped the export list comprising 29.7% of the total non-oil exports, surging 191.1% y-o-y to SAR 10 bn. Chemical products followed, rising 0.9% y-o-y to SAR 6.6 bn.
Of total imports, machinery, electrical equipment, and parts constituted 29.9% and rose by 11.7% y-o-y to SAR 22.6 bn over the month. Transportation equipment and parts followed at 13.2% of total imports, despite decreasing 9.6% y-o-y to SAR 10 bn.
China still holds the reins of the trade list, comprising 14% of the Kingdom’s total exports, reaching SAR 14.3 bn. The UAE came in second on the export list at SAR 10.9 bn for 10.6% of total exports, followed by India at SAR 9.7 bn (9.4%). South Korea, Japan, the US, Egypt, Malta, Poland, and Turkey rounded out the top 10 export markets.
In terms of imports, China also topped the list, taking up 25.8% of total imports, amounting to SAR 19.5 bn. The US seized second place at SAR 6 bn making up 8% of total imports, followed by the UAE at 6.4% for SAR 4.8 bn. Germany, India, Japan, Italy, France, United Kingdom and Switzerland rounded out the top 10.
The main ports: Dammam’s King Abdulaziz Port received 26.1% of the Kingdom’s total imports in July, followed by Jeddah Islamic Port (20.9%) and Riyadh’s King Khalid International Airport (14.4%).
