Saudi Arabia’s trade balance surplus hits 3-month low

Saudi Arabia’s trade balance surplus fell in October to 30.4 billion riyals, the lowest level in three months, according to data from the General Authority for Statistics released on Tuesday.

Saudi Arabia’s surplus recorded a 49% year-on-year decline, as a result of a 17% decline in total merchandise exports to 104.3 billion riyals and a 12% increase in imports to reach 73.9 billion riyals, the highest level since 2016.

Petroleum exports during October 2023 decreased by about 18% year-on-year and 1% month-on-month to reach 82.3 billion riyals.

Since last July, the kingdom has voluntarily reduced its oil production by one million barrels per day, and this reduction is scheduled to continue until the first quarter of 2024. This is in addition to the voluntary cut of 500,000 barrels that the Kingdom announced in April 2023 and extends until December 2024.

Saudi Arabia’s non-oil exports, including re-exports, rose 4% month-on-month, while they fell 14% year-on-year to 22 billion riyals.