Saudi Arabia’s foreign merchandise trade during seven months of this year amounted to about 645 billion riyals, compared to 919.5 billion riyals in the same period in 2019, recording a 29.9 percent decline, equivalent to about 274.5 billion riyals. The decline in Saudi foreign trade followed the impact of its global counterparts, as global trade was greatly affected as a result of the outbreak of the Corona virus, which led to the closure of borders in most countries of the world.
According to the monitoring unit of the reports in Al-Eqtisadiah newspaper, based on official data, the trade balance of Saudi Arabia’s foreign merchandise trade during the period recorded a surplus of 87.2 billion riyals despite the repercussions of the pandemic, down 65.1 percent, equivalent to 162.8 billion riyals, compared to the surplus in The same period of 2019 amounting to about 249.95 billion riyals, as a result of the decline in exports at a higher rate than the decline in imports.
Merchandise exports fell 37.4 percent by 218.6 billion riyals, to 366.1 billion riyals, while they were about 584.7 billion riyals in the same period in 2019. While merchandise imports fell 16.7 percent, at a value of 55.9 billion riyals, to about 278.9 billion riyals, while it was 334.8 billion riyals in the same period in 2019. Last July, Saudi Arabia’s merchandise trade balance recorded a surplus of 13.5 billion riyals, after exports amounted to 51.1 billion riyals, compared to imports worth 37.7 billion riyals, so that foreign commodity trade reached 88.8 billion riyals during the same month. Saudi Arabia recorded a deficit in the merchandise trade balance in February 2016 by 403 million riyals, and since that month the Kingdom continues to record a surplus in its trade balance, “the value of exports is higher than imports,” except for the months of April and June of last year.
Saudi merchandise exports (including oil and non-oil) declined during last July by 37.6 percent, equivalent to 30.8 billion riyals, to reach 51.1 billion riyals compared to 81.9 billion riyals in the same month of 2019. Oil exports decreased last July by 46.4 percent, to 33.7 billion riyals, compared to 62.9 billion riyals in the same month of 2019. Merchandise imports also fell 30.5 percent, equivalent to 16.5 billion riyals, to reach 37.7 billion riyals, compared to 54.2 billion riyals for the same month of 2019. Foreign merchandise trade fell 34.7 percent, equivalent to 47.3 billion riyals, to reach 88.8 billion riyals, compared to 136.1 billion riyals for the same month of 2019.
Saudi Arabia recorded a surplus in its merchandise trade balance with the world, amounting to 439.4 billion riyals during 2019, which is the second highest surplus in five years, specifically since 2014, which amounted to 632.2 billion riyals. While the balance recorded a surplus of 591.5 billion riyals in 2018, which is the highest during the past five years, followed by 2019, then 327.4 billion riyals in 2017, 162.8 billion riyals in 2016, and 108.3 billion riyals in 2015. Saudi Arabia’s foreign merchandise trade amounted to about 1.52 trillion riyals during 2019, compared to about 1.62 trillion riyals in 2018, recording a 5.9 percent decline, equivalent to about 95.5 billion riyals.
The surplus in the trade balance of Saudi foreign trade decreased in 2019 by 25.7 percent (152.2 billion riyals), compared to the surplus recorded in 2018, as a result of the decline in exports versus the increase in imports. Merchandise exports fell 11.2 percent, equivalent to 123.8 billion riyals, to reach 980.7 billion riyals, while they were about 1.1 trillion riyals during 2018. Imports rose 5.5 percent by 28.3 billion riyals to reach 541.3 billion riyals, while it was 512.9 billion riyals in 2018.