EL7.AI
Macro EconomyMedium•26 October 2026•
4 min read

Saudi Arabia’s Trade Surplus Reaches 15.59 Billion Riyals in August Despite 21% Annual Decline

Key Facts

1The merchandise trade surplus was 15.59 billion riyals (4.16 billion dollars) in August 2026, compared with 13.24 billion riyals in July.
2Merchandise exports rose 3.3% month on month to 87.24 billion riyals, while imports increased 0.6% to 71.64 billion riyals.
3The surplus contracted 21% year on year, as total exports fell 11.5% and imports declined 9.1%.
4Non-oil national exports excluding re-exports rose 17.8% month on month to 18.32 billion riyals.

Saudi Arabia’s merchandise trade surplus stood at 15.59 billion riyals, equivalent to 4.16 billion dollars, in August 2026, up from 13.24 billion riyals in July, according to an Arab News report citing data from the General Authority for Statistics. Year on year, the surplus contracted 21%, reflecting an expansion from the previous month while remaining below its level a year earlier. Merchandise exports rose 3.3% month on month to 87.24 billion riyals, while imports increased 0.6% to 71.64 billion riyals. The difference between monthly and annual performance shows that the latest improvement did not offset the decline in trade compared with August 2025. The increase in non-oil national exports alone also does not explain the surplus’s movement, as other export components fell during the period.

Year on year, total exports declined 11.5%, while imports fell 9.1%, accompanying a 21% contraction in the surplus, according to the published figures. Oil exports fell 12.5% compared with August last year, according to a Saudi Gazette report citing authority data. Oil remains the largest component of exports, accounting for 70% in August, compared with 70.8% a year earlier. The decline in oil’s share was therefore relatively limited, while overall export performance remained closely tied to oil shipments. The report said the fall in total exports was driven by lower oil exports, alongside growth in non-oil national exports.

By contrast, non-oil national exports, excluding re-exports, reached 18.32 billion riyals in August, up 17.8% from July and 8.5% year on year, according to Arab News. This measure separates domestically produced goods from goods re-exported after entering the Kingdom, and therefore differs from total non-oil exports including re-exports. Re-exports fell 13.1% month on month and 34% year on year to 7.84 billion riyals. Including re-exports, non-oil exports declined 9.1% year on year. Saudi Gazette said the ratio of non-oil exports, including re-exports, to imports was 36.51%, compared with 36.48% in August 2025.

Among non-oil export components, plastic and rubber products and related materials led the list, accounting for 22.6% of the total, with their value rising 7.5% year on year, according to a Saudi Gazette report citing the authority. The UAE was a major destination for Saudi goods, accounting for 11.4% of total merchandise exports, followed by South Korea at 11.2% and India at 8.4%. The UAE also led destinations specifically for non-oil goods, with shipments valued at 5.05 billion riyals. India followed with shipments worth 3.43 billion riyals, then Switzerland at 1.02 billion riyals and Kuwait at 982 million riyals. These destinations show the presence of Gulf and Asian markets in the Kingdom’s trade, alongside the Swiss market.

For imports, China was the largest source in August, accounting for 21.9% of total merchandise imports, followed by the United States at 8.4% and Egypt at 5.8%, according to Arab News. These figures offer a parallel picture of the export map, with Saudi shipments spread across Gulf and Asian destinations, while a notable share of imports is concentrated in China. In the context of oil trade, the authority said oil flows through the Strait of Hormuz averaged 4.9 million barrels per day in the second quarter of 2026, compared with 21.6 million barrels per day in the fourth quarter of 2025, before the conflict. Arab News said Saudi Arabia rerouted crude through the East–West pipeline to the Red Sea port of Yanbu to bypass the strait. This places the Yanbu route in the context of changes to crude transport routes, without the report specifying a quantitative effect of that route on August’s surplus.

The authority’s monthly merchandise trade statistics draw on records from the Zakat, Tax and Customs Authority for the values and weights of non-oil exports and imports, and on Ministry of Energy data for oil exports, according to its methodology and quality report. The authority publishes preliminary monthly results after processing complete administrative records and conducting initial reconciliation, according to its methodological report. Figures may be updated as administrative data are completed, while final results follow verification at year-end. This means the published August reading remains subject to revision as part of the statistics compilation cycle. The available information did not specify a later date for the release of a revision or new reading of these data.