Driven by a spike in non-oil exports, Saudi Arabia’s trade balance surplus reached a year-high of SR41.4 billion ($11.04 billion) in April, up 36% from the previous month.
In April of this year, the Kingdom’s non-oil shipments increased by 12.4% over the same month the previous year, according to the General Authority for Statistics.
This occurs at the same time that the Kingdom is stepping up efforts to increase non-oil exports in an attempt to diversify its economy and lessen its reliance on the energy sector. The noteworthy expansion highlights Saudi Arabia’s dedication to fortifying alternative industries and attaining a more equitable economic framework.
Re-exported commodities witnessed a significant increase of 56.4 percent over the same period, whereas national non-oil exports, excluding re-exports, recorded a moderate growth of 1.6 percent in April this year compared to April 2023.
The overall outgoing merchandise supply, on the other hand, decreased by 1.0 percent, mostly as a result of a 4.2 percent drop in oil exports. As a result, in April of this year, the percentage of oil in the entire outbound supply fell from 80.6 percent in April of 2023 to 78.0 percent.
Additionally, imports decreased by 1.3 percent, while the surplus in the merchandise trade balance decreased by 0.5 percent from the prior year.
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