Riyadh, Saudi Arabia – Saudi Arabia’s trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of 2023 sustaining a level comparable to the previous quarter. According to recent data from the General Authority for Statistics (GASTAT), the trade surplus in December 2023 was SR39 billion ($10.4 billion), a decrease of 11.4 percent from SR44 billion ($11.7 billion) in December 2022.
The report indicates a 14.4 percent decline in merchandise exports during the quarter compared to the same period in 2022. The total value of exports was SR297.9 billion ($79.3 billion), down from SR348 billion ($92.8 billion) in the fourth quarter of the previous year. This decline was primarily attributed to a 17.8 percent decrease in oil exports, amounting to SR226.8 billion ($60.4 billion), and a shift in the proportion of oil exports from 79.3 percent to 76.1 percent of total exports.
Non-oil exports experienced a 1.2 percent decrease, with the chemical industry products, constituting a third of non-oil exports, witnessing an 18 percent decline. Concurrently, imports rose by 2.8 percent annually, reaching SR201.4 billion ($53.6 billion).
December 2023 saw a 9.7 percent decrease in merchandise exports, totaling about R98.5 billion ($26.2 billion), compared to SR109.1 billion ($29.1 billion) in December 2022. The decline was attributed to a 15.8 percent decrease in oil exports, totaling SR72 billion ($19.2 billion), compared to SR85.5 billion ($22.8 billion) in December 2022.
Non-oil exports, including re-exports, marked a 12 percent increase in December 2023, amounting to SR26.5 billion ($7.1 billion), compared to SR23.6 billion ($6.3 billion) in the same period the previous year. Excluding re-exports, non-oil exports decreased by three percent, while the value of re-exports surged by 88.2 percent. The overall value of non-oil exports, including re-exports, increased by SR3.9 billion ($1 billion) or 17.2 percent compared to November 2023.
In December 2023, Saudi Arabia’s imports declined by 7.1 percent, totaling R60.4 billion ($16.1 billion), compared to SR64.9 billion ($17.3 billion) in December 2022. The value of imports also decreased by 10.1 percent compared to the previous month of November, reaching SR6.8 billion ($1.8 billion).
The ratio of non-oil exports, including re-exports, to imports increased in December, reaching 43.8 percent, compared to 36.4 percent in December 2022. This increase is attributed to a 12 percent rise in non-oil exports and a 7.1 percent decrease in imports during the same period.