Saudi Arabia’s total non-oil merchandise exports to Gulf Cooperation Council (GCC) countries reached SAR10.99 billion ($2.9 billion) in May, a significant increase from SAR8.43 billion in May last year. According to preliminary data from the General Authority for Statistics (GASTAT), merchandise imports from GCC countries also saw a modest rise from SAR6.03 billion to SAR6.24 billion in May. Therefore, Saudi Arabia’s non-oil trade balance with the GCC region rose to SAR4.74 billion in May from SAR2.40 billion a year earlier.
UAE remains largest non-oil trading partner
The UAE remained Saudi Arabia’s largest non-oil trading partner within the GCC region. Non-oil exports from the UAE to Saudi Arabia grew from SAR4.90 billion in May 2023 to SAR6.07 billion in May 2024. Meanwhile, imports from the UAE rose from SAR3.63 billion to SAR4.54 billion. This improved the trade balance with the UAE from SAR1.26 billion last year to SAR1.52 billion in May 2024.
However, Kuwait experienced a decline in its trade balance with Saudi Arabia, dropping from SAR1.26 billion in May 2023 to SAR571.4 million this May. This decline was mainly due to a significant decline in re-exports from SAR898.2 million to SAR147.6 million. In addition, Kuwait saw a slight decline in imports from Saudi Arabia from SAR158.5 million to SAR114.6 million.
Oman-Saudi trade deficit shrinks
Oman saw a substantial improvement in its trade deficit with Saudi Arabia, narrowing to a deficit of SAR239.3 million in May 2024 from SAR887.1 million last year. This positive shift was driven by an increase in Omani exports to Saudi Arabia, which rose to SAR384.4 million from SAR289.8 million in May 2023. Oman and Saudi Arabia also witnessed a decline in imports to SAR623.7 million from SAR1.18 billion.
Meanwhile, Bahrain reported a significant increase in its trade surplus with Saudi Arabia, reaching SAR2.83 billion in May, up from SAR555.2 million in May 2023. This improvement was mainly due to a significant rise in re-exports from Bahrain which surged from SAR1.16 billion to SAR3.36 billion. Meanwhile, imports decreased from SAR922.1 million to SAR795.6 million.
Qatar-Saudi trade balance declines
In contrast, Qatar’s trade balance with Saudi Arabia declined from SAR204.9 million in May 2023 to SAR56.9 million in May 2024. This decline was mainly due to a decline in Qatari exports to Saudi Arabia, which fell from SAR344.4 million to SAR223.2 million. Meanwhile, imports from Qatar increased slightly to SAR166.3 million from SAR139.4 million.
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