Saudi Arabia’s trade surplus jumps to $6.9bn in May as oil exports rebound

Saudi Arabia’s merchandise trade surplus surged to SR26.03 billion ($6.91 billion) in May, driven by higher oil exports and a sharp decline in imports.

The trade surplus increased 328.8% compared with the same month last year. Merchandise exports grew 3.9% year over year to SR93.78 billion, while imports declined 19.5% to SR67.75 billion, according to the General Authority for Statistics (GASTAT).

The increase was mainly driven by stronger oil exports, which rose 19.5% from May 2025. Oil exports accounted for 75.6% of Saudi Arabia’s total exports, up from 65.7% a year earlier.

The latest figures show an improvement in the Kingdom’s trade balance as higher oil exports helped offset weaker non-oil trade. Saudi Arabia continues to focus on expanding non-oil industries and exports as part of its Vision 2030 plan to reduce its dependence on oil.

GASTAT said the ratio of non-oil exports, including re-exports, to imports fell to 33.8% in May 2026 from 36.8% in May 2025. The decline was mainly due to a 26.1% drop in non-oil exports, while imports also decreased 19.5% during the same period.

National non-oil exports, excluding re-exports, declined 27.3%, while re-exported goods fell 24.4%. The biggest decline in re-exports was recorded in machinery, electrical equipment and parts, which dropped 32.4% and accounted for 46.2% of total re-exports.

Machinery, electrical equipment and parts remained Saudi Arabia’s largest non-oil export category, accounting for 22% of total non-oil exports, although the value declined 31.6% from a year earlier. Plastics, rubber and related products were the second-largest category, accounting for 17.6% of non-oil exports after falling 28.2%.

On the import side, machinery, electrical equipment and parts were also the largest category, accounting for 26.4% of total imports despite a 28% decline. Mineral products ranked second, representing 11.9% of imports after increasing 65.7% compared with May 2025.

China remained Saudi Arabia’s largest export market in May, accounting for 12.3% of total exports. South Korea followed with 9.6%, while the UAE accounted for 7.5%. The top 10 export destinations represented 63.3% of the Kingdom’s total exports. Other key markets included India, Japan, Egypt, Malta, Singapore, Poland and Taiwan.

China was also the largest supplier of goods to Saudi Arabia, accounting for 22% of total imports. The United States ranked second with 10.7%, followed by Egypt with 8.4%. The top 10 import partners accounted for 69% of all merchandise imports. Other major suppliers included the UAE, India, Germany, Switzerland, Italy, France and Russia.

Jeddah Islamic Sea Port was the country’s main entry point for imports, handling 35.7% of all imported goods in May.

It was followed by King Khalid International Airport in Riyadh with 15.9%, King Abdulaziz International Airport in Jeddah with 11.8%, King Fahad International Airport in Dammam with 5.6%, and Al-Batha Port with 4.8%. Together, these five ports handled 73.8% of Saudi Arabia’s total merchandise imports.

For non-oil exports, Jeddah Islamic Sea Port was also the leading export point, accounting for 24.4% of the total.

It was followed by King Khalid International Airport in Riyadh with 13.7%, King Abdulaziz International Airport in Jeddah with 12.7%, Al-Batha Port with 9.7%, and Yanbu Commercial Port with 4.7%. Together, these five locations handled 65.2% of Saudi Arabia’s total non-oil merchandise exports.