Saudi Arabia posts SAR 24 bln trade surplus in April

Saudi Arabia's trade balance recorded a surplus of SAR 23.62 billion in April 2017, compared to a surplus of SAR 8.4 billion in the same month last year, official data of the General Authority for Statistics showed.

The Kingdom’s trade balance, however, recorded a decline of SAR 8 billion, when compared to the previous month.

Total exports jumped 26 percent year-on-year (YoY) to SAR 66.38 billion in April, while imports saw a 3 percent YoY decrease to SAR 42.76 billion.

The increase in exports was driven by a 35 percent YoY rise in oil exports - which account for 78.2 percent of the Kingdom’s total exports to SAR 51.9 billion in the same period.

Non-oil exports also grew by 2 percent YoY to SAR 14.46 billion.

China was the top exporter to Saudi Arabia in April, followed by the United States, the United Arab Emirates, Germany, and India, the data added.

The top five exporters accounted for 45 percent of the Kingdom's total imports.

Meanwhile, Japan was the Kingdom’s top importer, followed the US, China, India and South Korea. 

The top five importers accounted for 52 percent of the Kingdom's total exports.