Saudi Arabia's Trade Surplus Surges to SAR 26.0 Billion in May as Oil Exports Rise

Riyadh | EcoPulse24

Saudi Arabia's trade surplus widened sharply to SAR 26.0 billion in May 2026, up from SAR 6.1 billion in the same month last year, as higher oil exports and a steep decline in imports boosted the Kingdom's external trade balance.

According to the latest trade data, total exports increased 3.9% year-over-year to SAR 93.8 billion, driven primarily by a 19.5% rise in oil exports, which accounted for 75.6% of total exports during the month.

Meanwhile, non-oil exports declined 27.5%, reflecting weaker shipments of electrical equipment and parts, which fell 31.6% and represented 22.0% of total non-oil exports.

Imports Fall Sharply

Saudi Arabia's imports declined 19.5% from a year earlier to SAR 67.8 billion, largely due to a significant reduction in purchases of machinery, electrical equipment and parts, which dropped 28.0%.

The decline in imports, combined with stronger oil export revenues, significantly expanded the Kingdom's monthly trade surplus.

China Remains Saudi Arabia's Largest Trading Partner

China remained the leading destination for Saudi exports, accounting for 12.3% of total exports, followed by South Korea with 9.6%, and the United Arab Emirates with 7.5%.

China also retained its position as Saudi Arabia's largest source of imports, representing 22.0% of total imports. The United States ranked second with 10.7%, followed by Egypt with 8.4%.

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EcoPulse24 Analysis

Saudi Arabia's significantly wider trade surplus underscores the continued importance of oil exports in supporting the Kingdom's external accounts. While total exports posted modest growth, the sharp increase in oil shipments more than offset the decline in non-oil exports.

At the same time, the steep fall in imports - particularly machinery and electrical equipment - further strengthened the trade balance. The data also highlights China's dominant role as Saudi Arabia's largest trading partner on both the export and import sides, reinforcing the depth of economic ties between the two countries.

The May figures suggest that external trade remains resilient despite weaker non-oil export performance, with energy exports continuing to play the primary role in supporting Saudi Arabia's merchandise trade balance.