The Saudi trade balance recorded a surplus for the 40th month in a row, to reach SAR39.3bn in June, after exports reached SAR77.1bn against imports of SAR37.7bn.
According to an analysis based on official data, the trade balance surplus in June declined year-on-year, by 31.9%, or 18.4 billion riyals, from 57.8 billion riyals in June 2018.
Exports fell in June by 18.9% (about SAR19bn), from SAR95bn in June 2018, while imports rose by 1.3% (SAR468mn), which was SAR37.3bn, according to Al-Eqtisadiah newspaper.
After rising by 23% in 2018, Saudi Arabia’s foreign trade declined during the first half of 2019, by 4.1%, equivalent to about SAR32.5bn, to reach about SAR751.4bn, compared to SAR783.9bn in the same period of 2018.
The trade balance of Saudi foreign trade during the period, recorded a surplus of SAR251.5bn, a decline of 6.1%, equivalent to SAR16.4bn, compared with the surplus recorded in the same period in 2018 of SAR267.9bn.
The Saudi trade balance surplus has fallen as exports fall more than imports.
Exports fell by 4.7% with a value of SAR24.5bn to reach SAR501.5bn, compared to about SAR525.9bn in the same period of 2018.
Imports decreased by 3.1% with a value of SAR8bn, reaching about SAR250bn, compared with SAR258bn in the same period of 2018.
Saudi Arabia’s foreign trade rose by 23% in 2018, or about SAR305.3bn, to about SAR1.61tn, compared with SAR1.31tn in the same period in 2017.
The trade balance of Saudi foreign trade during the period, recorded a surplus of SAR597bn, up about 88%, equivalent to SAR278.8bn, compared with the surplus recorded in the same period of 2017 of SAR318.7bn.
The increase in the Saudi trade balance surplus came as a result of an increase in exports by 36%, equivalent to SAR292bn, to reach SAR1.1tn, compared with about SAR812.5bn in 2017.
Imports rose slightly by 3% to the value of SAR13.3bn to reach SAR507bn, compared to SAR493.8bn in 2017.
Saudi Arabia’s revenues from its oil exports in 2018 rose by 36%, or about SAR230bn, to SAR868.4 bn, compared with SAR638.4bn in the same period in 2017.
The increase in oil revenues came on the back of higher oil prices last year, compared to the same period in 2017, in addition to the higher quantity exported.