Saudi Non-Oil Trade Surplus with GCC Plunges 55 Percent in May

Saudi Arabia's non-oil trade surplus with GCC countries plummeted by 55 percent in May, according to preliminary data from the General Authority for Statistics.

The decline was driven by a 24 percent drop in non-oil merchandise exports, including re-exports, to SR9.11 billion, which outpaced a 6 percent decline in imports to SR7.10 billion.

Total non-oil merchandise trade with the GCC consequently fell 17.2 percent to SR16.22 billion.