Saudi Arabia posts SAR 29 bln trade surplus in February

Saudi Arabia's trade balance recorded a surplus of SAR 29.18 billion in February 2017, versus a deficit of SAR 403 million in the same month last year, official data compiled by Argaam showed.

Total exports jumped 49 percent year-on-year (YoY) to SAR 65.79 billion in February, while imports fell 18 percent YoY to SAR 36.6 billion.

The increase in exports was driven by a 75 percent YoY rise in oil exports - which account for 80.8 percent of the kingdom’s total exports.

Non-oil exports, however, dropped 9 percent YoY to SAR 12.6 billion.

Saudi Arabia’s Trade Balance (SAR bln)
	Trade Balance	Imports	Exports	Period
(0.403)		44.562	44.159	February
6.088		46.942	53.031	March
8.637		44.211	52.848	April
14.576		48.316	62.892	May
15.486		44.424	59.910	June
20.821		36.675	57.495	July
16.025		44.136	60.161	August
23.812		33.201	57.013	September
27.001		39.498	66.499	October
20.858		39.757	60.614	November
28.214		38.867	67.081	December
25.831		43.297	69.128	January 2017
29.183		36.604	65.787	February

The United States remained the top exporter to Saudi Arabia in February, followed by China, Germany and the United Arab Emirates.

The top ten exporters account for 64.7 percent of the kingdom's total imports.

Meanwhile, Japan retained its spot as Saudi Arabia’s top importer, followed the US, China, and South Korea.

The top ten importers accounted for 71.1 percent of the kingdom's total exports.

Top 10 Exporters to Saudi Arabia (SAR bln)
Variance (%)	February 2017	February 2016			Country
+3%	6,055	5,873		USA
(21%)	5,413	6,860		China
(17%)	2,510	3,031		Germany
--	2,321	2,313	UAE
(12%)	1,564	1,774	India
+4%	1,508	1,450	Italy
(49%)	1,352	2,646	Japan
(32%)	1,262	1,862	South Korea
(32%)	875	1,282	France
(32%)	805	1,181	UK
(16%)	23,664	28,271	Total
--	64.7%	63.4%	As percentage of total imports

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Value of Saudi oil exports hits SAR 53.2 bln in February

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