Saudi Arabia’s Trade Surplus Jumps to $6.9 Billion in May as Oil Exports Rise

Saudi Arabia’s merchandise trade surplus rose sharply to SR26.03 billion ($6.91 billion) in May, driven by stronger oil exports and a significant decline in imports, according to preliminary government data.

The surplus increased 328.8% from the same month a year earlier, the General Authority for Statistics said. Total merchandise exports rose 3.9% year-on-year to SR93.78 billion, while imports fell 19.5% to SR67.75 billion.

Oil exports were a major factor behind the improvement. They increased 19.5% compared with May 2025 and accounted for 75.6% of total exports, up from 65.7% a year earlier.

The figures point to a recovery in Saudi Arabia’s merchandise trade balance after the rebound in oil exports helped offset weakness in non-oil trade.

The kingdom has been seeking to expand non-oil industries and exports as part of Vision 2030, its long-term economic transformation programme aimed at reducing reliance on hydrocarbons.

GASTAT said the ratio of non-oil exports, including re-exports, to imports fell to 33.8% in May from 36.8% a year earlier. The decline was linked to a 26.1% drop in non-oil exports alongside the 19.5% fall in imports.

National non-oil exports, excluding re-exports, declined 27.3%, while re-exported goods fell 24.4%.

Machinery, electrical equipment and related parts remained the largest non-oil export category, accounting for 22% of total non-oil exports. However, its value fell 31.6% year-on-year.

Plastics, rubber and related products ranked second, representing 17.6% of non-oil exports after a 28.2% decline in value.

Machinery and electrical equipment also led Saudi Arabia’s imports, making up 26.4% of the total despite a 28% decline. Mineral products accounted for 11.9% of imports and recorded a 65.7% increase from May 2025.

China was Saudi Arabia’s largest export market during the month, receiving 12.3% of total merchandise exports. South Korea accounted for 9.6% and the UAE for 7.5%. The 10 largest export destinations represented 63.3% of total exports.

China was also the largest source of imports, supplying 22% of the total. The US accounted for 10.7% and Egypt 8.4%. The top 10 import sources made up 69% of all merchandise imports.

Jeddah Islamic Sea Port was the country’s leading entry point for imports, handling 35.7% of the total. King Khalid International Airport in Riyadh accounted for 15.9%, followed by King Abdulaziz International Airport in Jeddah at 11.8%.

For non-oil exports, Jeddah Islamic Sea Port was also the leading outlet, accounting for 24.4% of total shipments. Five major ports and airports together handled 65.2% of Saudi Arabia’s non-oil merchandise exports in May.