Saudi Arabia’s Trade Surplus Widens to $4.16 Billion in August as Non-Oil Exports Rise

Saudi Arabia’s merchandise trade surplus widened to SR15.59 billion ($4.16 billion) in August from SR13.24 billion in July, as exports grew faster than imports despite continued disruption to regional shipping, preliminary official data showed.

Figures released by the General Authority for Statistics (GASTAT) showed that merchandise exports rose 3.3% month on month to SR87.24 billion, while imports increased 0.6% to SR71.64 billion.

The improvement came as the conflict involving the United States, Israel and Iran disrupted shipping through the Strait of Hormuz, prompting Saudi Arabia and other Gulf exporters to rely more heavily on alternative routes.

Saudi Arabia has been rerouting crude through its East-West pipeline to the Red Sea port of Yanbu to bypass the strait. The US Energy Information Administration estimated that oil flows through the Strait of Hormuz averaged 4.9 million barrels per day in the second quarter of 2026, down from 21.6 million barrels per day in the fourth quarter of 2025, before the conflict began.

Despite the monthly improvement, Saudi Arabia’s trade surplus was 21% lower than in August 2025. Total merchandise exports fell 11.5% year on year, while imports declined 9.1%.

Oil continued to account for most of the Kingdom’s exports, although its share decreased to 70% in August from 70.8% a year earlier, GASTAT said.

The United Arab Emirates was the leading destination for Saudi merchandise exports, accounting for 11.4% of the total. South Korea followed with 11.2%, while India represented 8.4%.

China was Saudi Arabia’s largest source of imports, accounting for 21.9% of the total, followed by the United States at 8.4% and Egypt at 5.8%.

Hamza Dweik, head of trading for the Middle East and North Africa at Saxo Bank, said Saudi Arabia continued to maintain a meaningful trade surplus despite geopolitical uncertainty. He noted that the Kingdom’s broad range of trading partners helped sustain commercial flows during a period of regional disruption.

Non-oil exports strengthen

National non-oil exports, excluding re-exports, rose to SR18.32 billion in August, increasing 17.8% from July and 8.5% from a year earlier.

Re-exports moved in the opposite direction, falling 13.1% month on month and 34% year on year to SR7.84 billion. Non-oil exports, including re-exports, declined 9.1% annually.

The UAE remained the largest destination for Saudi non-oil goods, with shipments valued at SR5.05 billion. India followed at SR3.43 billion, while exports to Switzerland reached SR1.02 billion and those to Kuwait totalled SR982 million.

Dweik said the growth in non-oil exports reflected the expanding role of economic diversification under Saudi Arabia’s Vision 2030 programme.

He added that the longer-term challenge would be to expand non-oil exports across a wider range of products and markets, reducing the Kingdom’s exposure to fluctuations in oil prices and demand.