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Saudi Trade Balance Records a Monthly Surplus of $7.7 Bn

The Saudi trade balance continues to set record figures. (Asharq Al-Awsat)
The Saudi trade balance continues to set record figures. (Asharq Al-Awsat)
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Saudi Trade Balance Records a Monthly Surplus of $7.7 Bn

The Saudi trade balance continues to set record figures. (Asharq Al-Awsat)
The Saudi trade balance continues to set record figures. (Asharq Al-Awsat)

The Saudi trade balance achieved a surplus of $7.7 billion in May, for the 36th consecutive month, as merchandise exports declined to $25.8 billion, compared to imports worth $18.1 billion.

The General Authority for Statistics (GASTAT) revealed that non-oil exports, including re-exports, increased 23.9 percent compared to April 2023.

The International Trade in Services survey for May 2023 showed a drop in merchandise exports by 32.1 percent from the same month in 2022, amounting $25.8 billion, down from $38.1 billion.

The GASTAT believed the drop is due to the 37.7 percent decline in oil exports to $19.2 billion, compared to $30.8 billion in May last year.

The report added that the share of oil in total exports for May decreased to 74.1 percent, compared to 80.8 in the same month in 2022.

According to the survey, non-oil exports in May declined 8.7 percent yearly to $6.6 billion. On the other hand, non-oil trade, excluding re-exports, dropped by 19.2 percent.

Compared to April 2023, merchandise exports decreased 6.7 percent, amounting to $1.8 billion.

The data revealed that the Kingdom’s merchandise imports increased 20.9 percent in May to $18 billion, compared to the same month in 2022 when imports touched $14.9 billion.

GASTAT added that Saudi imports in May rose $2.6 billion or 16.9 percent compared to April 2023.

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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin
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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin

Russian President Vladimir Putin and Iraqi Prime Minister Mohammed Shia al-Sudani on Thursday discussed the importance of coordination between OPEC and OPEC+ members on oil price stability in a manner that guarantees fair prices for exporters and consumers.

Putin held a phone call with al-Sudani during which they discussed the OPEC+ oil agreement and the situation in the Middle East, the Kremlin said.

The telephone conversation came days prior to an OPEC+ key meeting expected early next month.

Reuters said that OPEC+ may push back output increases again when it meets on Dec. 1 due to weak global oil demand, according to three OPEC+ sources familiar with the discussions. Ministers last shelved the increase for a month when they met virtually on Nov. 3.

In a statement, the Kremlin on Thursday said Putin and Al-Sudani touched upon various aspects of coordination as part of OPEC+, a format that helps maintain stability in the global oil market, and reaffirmed the importance of continuing to coordinate steps in this format.

The Middle East issues were also mentioned in light of the unprecedented escalation of tensions in the region, it added.

The parties also agreed on further contacts at various levels, the statement said.

Later, Al-Sudani’s office said the phone call touched on energy-related matters, highlighting the importance of coordination among all concerned countries within OPEC and the OPEC+ group to stabilize oil and gas prices, ensuring fair pricing for both producers and consumers.