A steady performance in the oil sector pushed Saudi Arabia’s merchandise trade surplus up by 70.2% y-o-y in November 2025, marking the highest monthly surplus seen since August 2022, according to preliminary data (pdf) from Gastat. Total merchandise exports rose 10% y-o-y to reach SAR 99.7 bn for the month.

Oil exports continued to lead the Kingdom’s trade profile, increasing by 5.4% y-o-y to hit SAR 67 bn. Despite this growth, the share of oil in total exports declined to 67.2% y-o-y from 70.1% recorded in the same period last year, as non-oil sectors capture a larger portion of total trade value.

Re-exports continue to boom but at a slower pace

Non-oil exports including re-exports grew at around four times the rate of oil exports, recording an increase of 20.7% y-o-y to SAR 19 bn. The primary engine behind this surge was the re-export category, which jumped 53.1% y-o-y to hit SAR 13.7 bn.

The main driver? An 81.9% increase in the machinery, electrical equipment, and parts category, which accounted for 51.5% of total re-exports.

IN CONTEXT- As the Kingdom is pivoting from a pure import destination to a regional transshipment hub, the Cabinet had approved bylaws for four key Special Economic Zones –Jazan, Ras Al Khair, KAEC, and the Cloud Computing SEZ– which will benefit from tailored regulations offering greater flexibility, fiscal incentives, and streamlined procedures aimed at making the Kingdom a more competitive destination for global capital.

Non-oil exports see stable growth

Excluding re-exports, national non-oil exports rose by 4.7% y-o-y. Machinery and electrical equipment topped the list, comprising 24.2% of the total and jumping 81.5% y-o-y. Chemical products followed, representing 20.3% of total non-oil exports and recording a slight increase of 0.5% y-o-y.

Meanwhile, merchandise imports declined slightly by 0.2% y-o-y. Machinery and electrical equipment led the Kingdom’s import mix with a 30.7% share. Transportation equipment came in second at 14.4%, seeing a 2.2% increase compared to November 2024.

Key trade partners: China remains the top merchandise partner, accounting for 13.5% of exports and 26.7% of imports. The UAE (11.7%) and Japan (9.9%) were the next largest export destinations, while the US (10.2%) and the UAE (6.2%) followed China as the top sources of imports.

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