Saudi Arabia’s Trade Surplus Jumps to SR57 Billion on Strong Oil Exports

Saudi Arabia’s trade surplus surged 218.9 percent year on year to SR57 billion ($15.2 billion) in March, recording its strongest annual increase in nearly five years as higher oil exports and a sharp decline in imports boosted the Kingdom’s external trade balance.

According to figures released by the General Authority for Statistics, total merchandise exports rose 21.5 percent in March compared with the same month last year. The increase was largely driven by a 37.4 percent jump in oil exports.

Oil exports accounted for 80.3 percent of total Saudi exports during the month, up from 71 percent a year earlier. At the same time, total imports dropped 24.8 percent annually, helping widen the trade surplus significantly.

The latest figures come as Saudi Arabia continues efforts to diversify its economy under Vision 2030, with the Kingdom aiming to raise the contribution of non-oil exports to 50 percent of total exports by the end of the decade.

The report showed that machinery, electrical equipment and parts were among the leading non-oil export categories, accounting for 27.4 percent of total non-oil exports. Exports in this category rose 46.2 percent compared with March 2025.

Chemical products ranked second among non-oil exports, making up 20.1 percent of the total, although exports in that segment fell 39.1 percent year on year.

On the import side, machinery, electrical equipment and parts remained the largest category, representing 30.4 percent of total imports despite recording an 11.9 percent annual decline.

Chemical products and allied industries followed, accounting for 9.9 percent of imports, with a yearly decrease of 18.5 percent.

The data also showed an improvement in the ratio of non-oil exports, including re-exports, to imports. The ratio rose to 39.3 percent in March from 35.8 percent in the same month a year earlier.

China remained Saudi Arabia’s largest export destination, accounting for 14.1 percent of total merchandise exports in March. India followed with 13.7 percent, while Japan accounted for 9.5 percent.

South Korea, the UAE, Malta, Egypt, Singapore, Myanmar and Poland were also among the Kingdom’s top export destinations. Combined exports to the top 10 countries represented 69.8 percent of Saudi Arabia’s total exports during the month.

China also ranked as the Kingdom’s largest source of imports, accounting for 26.7 percent of total imports. The United States followed with 8.4 percent, while the UAE represented 7.1 percent.

Switzerland, Egypt, Germany, France, India, Italy and Japan were also among the top import partners, with the 10 countries accounting for 68.4 percent of Saudi Arabia’s total imports.

The report added that Jeddah Islamic Seaport handled the largest share of imports into the Kingdom during March at 29.8 percent, while King Abdulaziz International Airport served as the leading gateway for non-oil exports, accounting for 23.4 percent of the total.