Saudi Trade Surplus Narrows to 17.3 Billion Riyals in June as Exports Fall 4.5 Percent
Saudi Arabia’s merchandise trade surplus narrowed to 17.3 billion riyals in June 2026, down 10.0 percent from a year earlier, as exports fell faster than imports, according to preliminary figures from the General Authority for Statistics.
Total merchandise exports fell 4.5 percent from a year earlier to 87.76 billion riyals, while imports declined 3.0 percent to 70.45 billion riyals. Exports therefore fell by about 4.1 billion riyals from their year-earlier level while imports fell by about 2.2 billion riyals, leaving the surplus roughly 1.9 billion riyals smaller, on our calculation.
Oil held up better than the non-oil lines
Oil exports slipped 2.3 percent to 63.18 billion riyals, while non-oil exports including re-exports fell 9.7 percent. The oil share of total exports consequently rose to 72.0 percent from 70.4 percent a year earlier, an increase of about 1.6 percentage points. National non-oil exports, which exclude re-exports and are the cleaner read on domestically produced non-oil goods sold abroad, fell the most, down 11.4 percent to 15.25 billion riyals, and re-exports fell 6.7 percent to 9.33 billion riyals.
Combined non-oil exports including re-exports therefore stood at 24.58 billion riyals, equivalent to 34.9 percent of the month’s import bill, down from about 37.5 percent a year earlier, a deterioration of roughly 2.6 percentage points, on our calculation. The month ran against the external diversification trend: national non-oil exports fell almost five times as fast as oil exports, on our calculation, and the export mix tilted further toward oil even as total shipments shrank.
| Measure | June 2026, billion riyals | Change year on year |
|---|---|---|
| Total exports | 87.76 | −4.5% |
| Oil exports | 63.18 | −2.3% |
| National non-oil exports | 15.25 | −11.4% |
| Re-exports | 9.33 | −6.7% |
| Imports | 70.45 | −3.0% |
| Trade surplus | 17.31 | −10.0% |
GASTAT preliminary figures. Non-oil exports including re-exports, the sum of national non-oil exports and re-exports, fell 9.7 percent year on year, GASTAT’s combined figure.
Where the goods went
Japan was the largest export destination at 13.2 percent of exports, followed by South Korea at 11.5 percent and China at 9.4 percent, with the top ten destinations taking 67.1 percent of exports. China was the largest source of imports at 22.0 percent, ahead of Switzerland at 8.4 percent and the United States at 8.3 percent.
| Flow | Partner | Share, June 2026 |
|---|---|---|
| Exports | Japan | 13.2% |
| Exports | South Korea | 11.5% |
| Exports | China | 9.4% |
| Imports | China | 22.0% |
| Imports | Switzerland | 8.4% |
| Imports | United States | 8.3% |
Why it matters: The trade account is where the kingdom’s reliance on oil still shows most plainly, and June’s figures show that reliance increasing rather than easing. Oil exports fell only modestly while national non-oil exports contracted at a double-digit pace, so non-oil exports including re-exports covered just 34.9 percent of the month’s import bill, down from about 37.5 percent a year earlier. A 3.0 percent fall in imports cushioned the surplus, but it could not offset the larger drop in exports, and a sustained decline in domestically produced non-oil exports would slow progress in reducing the kingdom’s dependence on oil for external receipts.
Outlook: The July trade release and the third-quarter data will show whether June’s drop in non-oil exports was a monthly swing or the start of a trend, while the oil-export line will track the direction of crude prices and OPEC-plus production decisions into the autumn.
Sources: General Authority for Statistics.
