عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Kuwait Seeks to Offer Flexible Incentives to Attract Foreign Investments

Kuwait City (Asharq Al-Awsat file photo)
Kuwait City (Asharq Al-Awsat file photo)
TT
TT

Kuwait Seeks to Offer Flexible Incentives to Attract Foreign Investments

Kuwait City (Asharq Al-Awsat file photo)
Kuwait City (Asharq Al-Awsat file photo)

Mohammad Yaqoub, Assistant Director General for Business Development at Kuwait’s Direct Investment Promotion Authority (KDIPA), announced that Kuwait is actively working to boost investments in emerging sectors such as the management of government facilities, hospitals, and ports, including Mubarak Al-Kabeer Port.

He added that his country is collaborating with Saudi Arabia on joint projects, notably the development of a railway linking the two nations.

Speaking at the 28th Annual Global Investment Conference in Riyadh, Yaqoub highlighted the 650-kilometer railway project, which is expected to cut travel time between Saudi Arabia and Kuwait to under three hours. He clarified that this initiative is separate from the broader GCC railway network under development.

The official further emphasized Kuwait’s commitment to offering streamlined processes and incentives to attract foreign investment in critical sectors such as oil and gas, healthcare, education, and technology.

Since January 2015, the Gulf country has attracted cumulative foreign investments valued at approximately 1.7 billion Kuwaiti dinars ($5.8 billion). During the 2023–2024 fiscal year, KDIPA reported foreign investment inflows amounting to 206.9 million Kuwaiti dinars ($672 million).

Yaqoub stressed that KDIPA is focused on creating an investor-friendly environment by offering flexible incentives to attract international companies. He noted Saudi Arabia’s achievements in this area and highlighted his country’s efforts to provide comparable benefits to foreign investors.

He also expressed optimism about the potential for growth in foreign investments in Kuwait, emphasizing their role in advancing economic development in line with the United Nations’ Sustainable Development Goals (SDGs).

Yaqoub also underscored the strong synergy between the Kuwaiti and Saudi markets, which he said will help accelerate economic progress across the region.