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Saudi Arabia’s merchandise trade surplus surged by 218.9% in March, on the back of a rise in oil exports and a drop in overall imports, according to data (pdf) from the General Authority for Statistics. Merchandise exports rose by 21.5%, while imports declined by 24.8% to SAR 58 bn.
The jump in the trade surplus was directly influenced by the geopolitical risk premium, which began rippling across the energy market in March. The escalating US-Iran war and the fears of a prolonged closure of the Strait of Hormuz caused Brent crude to surge above USD 120 a barrel during the month. The rising prices alongside Saudi’s reliance on the Red Sea ports as a solution to sustain oil exports supported its trade balance and offset softer activity in non-oil exports.
The oil sector displayed a robust performance: Oil exports saw a significant increase of 37.4%, pushing the share of oil exports within the total export portfolio to 80%, up from 71% a year earlier.
Non-oil exports, including re-exports, dipped by 17.3% y-o-y during the month. Meanwhile, re-exports rose marginally by 2.5%, which was driven by a 51.1% increase in machinery and electrical equipment re-exports. The ratio of non-oil exports to imports improved to 39.3%, compared to 35.8% in March 2025.
Machinery and electrical equipment were the main contributors to non-oil exports during the period, accounting for 27.4% of the total and marking a strong 46.2% y-o-y increase. Chemical products followed, representing 20.1% of non-oil exports and declining by 39.1% y-o-y compared to last year.
On the import side, machinery and electrical equipment also held the top position, making up 30.4% of total imports and decreasing by 11.9% y-o-y compared to March 2025. Chemical products and their allied industries followed as the second most imported category at 9.9%, although this sector saw an 18.5% decline during the same period.
Who were our top trading partners? China remained Saudi Arabia’s top export destination in March 2026, receiving 14.1% of the Kingdom’s merchandise exports, followed by India (13.7%) and Japan (9.5%). The Asian country also led import sources at 26.7%, ahead of the US (8.4%) and the UAE (7.1%).
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