Saudi Arabia’s trade surplus tops $28.53bln in 8 months

Riyadh –  Saudi Arabia recorded a trade surplus worth SAR 107.57 billion during the first eight months of the year, attributed to the fall in March’s level on the back of the coronavirus outbreak.

This represents a 61.4% decline when compared to a surplus of SAR 278.68 billion in the same period in 2019, according to data collected by Mubasher based on official figures.

The trade surplus improved as economic activities reopened, hitting its highest level since six months in August at SAR 18.39 billion.

Trade exchange surpasses SAR 739 billion

The kingdom’s merchandise trade exchange reached SAR 738.96 billion by the end of the eight-month period, down by 29.1% year-on-year (YoY).

Merchandise trade retreated by SAR 303.59 billion YoY when compared to around SAR 1.04 trillion in the prior-year period.

In August, trade exchange registered more than SAR 96 billion, the highest in six months. That is compared to SAR 107.89 billion in February.

Exports and imports drop in the January-August period

The Gulf country’s merchandise exports dropped by 35.9% or SAR 237.35 billion annually during the first eight months of the year, reaching SAR 423.27 billion.

However, the exports improved in August for the third consecutive month to reach SAR 57.38 billion. This marked the highest level since six months.

Furthermore, merchandise imports tumbled by 17.3% or SAR 66.24 billion in the January-August period to stand at SAR 315.7 billion.

 

Source: https://www.zawya.com/mena/en/economy/story/Saudi_Arabias_trade_surplus_tops_2853bln_in_8_months-SNG_188304252/

 

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