FX.co ★ Saudi Arabia Trade Surplus Smallest in 6 Months

Saudi Arabia’s trade surplus narrowed to SAR 14.4 billion in July 2026, down from SAR 19.1 billion in July 2025, marking the smallest surplus since January. The contraction reflected a steeper decline in exports than in imports.

Total exports fell 17.2% year-on-year to SAR 84.4 billion, the lowest level in more than five years. The drop was primarily driven by a 12.8% decrease in oil exports, which still accounted for 71.0% of total exports. Non-oil exports also declined, shedding 14.8%, largely due to a 17.8% fall in exports of plastics, rubber, and related articles, which made up 29.8% of total non-oil exports.

China remained the leading destination for Saudi exports, absorbing 13.4% of the total, followed by the UAE (10.0%) and Japan (8.7%).

On the import side, inflows dropped 15.4% to SAR 70.4 billion, the lowest level in more than two years. The decline was mainly attributed to a sharp 26.6% reduction in imports of machinery, electrical equipment, and parts thereof. China continued to be the largest source of imports, supplying 22.7% of the total, followed by the US (8.4%) and Switzerland (6.9%).