Saudi Trade Surplus Soars 329% on Oil Export Growth

Saudi Arabia's merchandise trade surplus soared by nearly 329% in May year-on-year, driven by robust export growth, particularly in oil shipments. This reflects stronger external demand and the Kingdom's growing ability to generate substantial trade surpluses despite continued volatility in global markets.

The performance underscores the resilience of Saudi Arabia's external sector, supported by economic diversification policies, a broader export base, and greater efficiency in trade and logistics.

According to the General Authority for Statistics (GASTAT) International Trade Survey, non-oil exports, including re-exports, fell 26.1% in May from the same month a year earlier. National non-oil exports declined by 27.3%, while the value of re-exported goods dropped by 24.4%. The drop was mainly driven by a 32.4% decline in machinery, electrical equipment and parts, which accounted for 46.2% of total re-exports.

However, oil exports increased by 19.5%, lifting their share of total exports to 75.6% from 65.7% in May 2025. Imports fell by 19.5% over the same period, pushing the merchandise trade surplus up by 328.8% year-on-year.

Salem Baajajah, professor of economics at King Abdulaziz University, attributed the strong export growth to stronger demand for Saudi exports and higher oil exports. Hisham Abu Jameh, senior adviser at Naif Alrajhi Investment, also highlighted the growing ability of the Saudi economy to maintain a trade surplus despite fluctuations in global markets and energy prices.