The Kingdom of Saudi Arabia continues to strengthen its presence in the global trade arena, reflecting the strength and diversity of its national economy. The trade balance surplus rose to 57.4 billion riyals during March, recording a growth of 219% compared to the same period last year.

Rise in oil exports

Data from the General Authority for Statistics indicates that Saudi oil exports recorded an increase of 37.4% year-on-year, reaching approximately 92.5 billion riyals. This level is the highest increase in oil exports since November 2022, boosting oil’s share in the export structure to 80.3%, compared to 71% in March of last year.

Volume of merchandise trade

The total volume of merchandise trade for the Kingdom in March amounted to about 173 billion riyals, recording an increase of 0.8% year-on-year. China remains the most prominent trading partner, capturing the largest share of both Saudi exports and imports alike.

Impact of the surplus on the national economy

This strong trade surplus reflects the ability of the Saudi economy to achieve a positive balance between exports and imports, and confirms the growing role of oil in supporting the trade balance. It also highlights the resilience of other sectors that contributed to achieving slight growth in the volume of general trade.

Future prospects

The Kingdom is expected to continue enhancing its trade position by diversifying exports and developing international partnerships, while maintaining oil price stability and expanding the non-oil production base, ensuring the sustainability of the trade surplus in the coming periods.

Saudi Arabia

Saudi Arabia is a large Middle Eastern country known as the birthplace of Islam, home to its two holiest cities, Mecca and Medina. Historically, it was unified as a kingdom in 1932 by Abdulaziz Ibn Saud, and its vast oil reserves, discovered in the 1930s, transformed it into a global economic power. Today, the country is undergoing rapid social and economic changes under Vision 2030, opening up to tourism and diversifying beyond oil.

China

China is an ancient civilization with a recorded history spanning over 3,500 years, known for its continuous cultural development and major contributions to art, philosophy, and technology. It was home to influential dynasties such as the Qin, Tang, and Ming, which built landmarks like the Great Wall and the Forbidden City. Today, China is a global superpower that blends its rich historical heritage with rapid modernization.