Saudi Arabia posts SAR 174 bln trade surplus in 2016

Saudi Arabia's trade balance recorded a surplus of SAR 174.1 billion in 2016, official data compiled by Argaam showed. 

The kingdom’s trade balance surplus hit SAR 28.2 billion in December, compared to a deficit of SAR 774 million for the same period in 2015.

Total exports jumped 25 percent year-on-year (YoY) to SAR 67.1 billion in December, while imports saw a 28 percent YoY fall to SAR 38.9 billion.

The increase in total exports was driven by a 42 percent YoY rise in oil exports - which account for 78 percent of the kingdom’s total exports.

Non-oil exports, however, dropped 10 percent YoY to SAR 14.9 billion.

The United States remained a top exporter to Saudi Arabia in the same period, despite an 11 percent YoY decline in total exports to SAR 7.3 billion.