Oil exports drive a 100% trade surplus jump in April

Saudi Arabia’s merchandise trade surplus doubled y-o-y in April as oil revenues went up and total imports went down, according to preliminary data (pdf) from the General Authority for Statistics (Gastat). Total merchandise exports climbed 9.3% y-o-y, while imports slid 5.2%.

The oil engine: Oil remains the main engine powering this surplus, even with shipping hurdles still lingering on standard trade routes. Oil exports jumped 11.7% y-o-y in April, increasing their share of the Kingdom’s overall export mix to 68.8%, up from 67.4% in April 2025.

REMEMBER- The growth has slowed down from the 218.9% surge we saw in March, an expected cooldown as Brent crude prices fell from their USD 120 peak during the month.

Re-exports are boosting non-oil numbers: Non-oil exports, including re-exports, grew 4.5% y-o-y. Headline growth hides a domestic production slowdown, as national non-oil exports, excluding re-exports, dropped 7.3%. The segment remained positive on the back of a 20.4% jump in re-exports, driven by a 74% increase in re-exported machinery and electrical equipment.

Machinery leads: For exports, machinery, electrical equipment, and parts led non-oil outbound goods, posting a massive 70% y-o-y growth and capturing 28.1% of the total non-oil exports. Plastic and rubber products — representing 17.1% — contracted by 12.4%. Meanwhile, machinery also topped inbound imports at 33.3% of the total, rising 15.4%.

Partner dynamics: China, as always, is the Kingdom’s top trading partner, taking 15.2% of the Kingdom's total exports and supplying 29.4% of its imports. On the export side, the UAE (10.6%) and South Korea (9.7%) rounded out the top three destinations, while the UAE (7.9%) and the US (7.2%) served as the second and third largest import origins.