Saudi Arabia Posts Largest Trade Surplus Since 2022

Saudi Arabia’s trade surplus widened sharply to SAR 57.4 billion in March 2026 from SAR 18.0 billion in the corresponding month a year earlier. This marked the largest trade surplus since October 2022, as exports surged while imports fell sharply. Exports jumped 21.5% year-on-year to SAR 115.2 billion, driven by a sharp rise in oil exports (37.4%), which accounted for 80.3% of total exports. Non-oil exports, on the other hand, plunged 27.0%, mainly due to lower shipments of chemical products (-39.1%), which represented 20.1% of total non-oil exports. China remained the top destination for Saudi exports, making up 14.1% of total exports, followed by India (13.7%) and Japan (9.5%). Imports declined 24.8% to SAR 57.8 billion, amid reduced imports of machinery, electrical equipment and parts (-11.9%) and chemical products and allied industries (-18.5%). China was also the biggest source of imports, accounting for 26.7% of total imports, followed by the US (8.4%) and the UAE (7.1%).

Saudi Arabia recorded a trade surplus of SAR 23.0 billion in February 2026, narrowing slightly from SAR 23.2 billion in the same month a year ago, as imports increased more than exports. Imports rose 6.6% year-on-year to SAR 76.1 billion, driven by a 27.8% surge in purchases of machinery, electrical equipment and parts, which made up 30.5% of total imports, offsetting a 10.5% decline in transportation equipment and parts imports. China remained the Kingdom’s top source of imports, contributing 29.8% of the total, followed by the UAE (8.0%) and the US (7.4%). Meanwhile, exports grew 4.7% to SAR 99.1 billion, supported by a 0.6% rise in oil exports, which accounted for 68.7% of total exports. Non-oil exports also increased (6.3%), led by machinery, electrical equipment and parts, which jumped 56.1% and represented 25.5% of total non-oil exports. China remained the top destination for Saudi exports, accounting for 13.7% of the total, followed by the UAE (12.1%) and Japan (9.3%).

Saudi Arabia’s trade surplus narrowed to SAR 17.3 billion in January 2026 from SAR 21.0 billion in the corresponding month of the previous year, as import growth outpaced exports. Imports grew 6.5% year-on-year to SAR 81.4 billion, led by higher imports of machinery, electrical equipment and parts (23.7%), which accounted for 30.3% of total imports, as well as transportation equipment and parts (7.3%). China remained the Kingdom’s top source of imports, contributing 31.0% of the total, followed by the UAE (7.7%) and the US (6.9%). Exports rose at a softer 1.4% to SAR 98.7 billion, dragged by a 6.4% decline in oil exports, which made up 67.0% of total exports. This decline was partly offset by a 22.1% surge in non-oil exports, driven by a sharp rise in machinery, electrical equipment, and parts (77.5%), representing 24.2% of total non-oil exports. China remained the main destination for Saudi exports, accounting for 15.1% of total exports, followed by the UAE (12.9%) and India (9.8%).