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Saudi Trade Balance Touches SAR 113 Bn Surplus in Q2

Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. Picture taken December 18, 2017. REUTERS/Faisal Al Nasser
Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. Picture taken December 18, 2017. REUTERS/Faisal Al Nasser
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Saudi Trade Balance Touches SAR 113 Bn Surplus in Q2

Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. Picture taken December 18, 2017. REUTERS/Faisal Al Nasser
Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. Picture taken December 18, 2017. REUTERS/Faisal Al Nasser

Saudi Arabia’s trade balance, representing the difference between the nation’s merchandise exports and imports, reached SAR113 billion ($30.12 billion) in the second quarter of 2023, as per recently released government data.

According to the General Authority for Statistics report, Saudi Arabia exhibited resilience in its trade performance, as the Kingdom’s overall merchandise exports reached SAR291.6 billion in the second quarter of this year, adapting to a 31.8% adjustment from SAR427.8 billion in the same period of the previous year.

The report highlighted that the decline in overall exports was predominantly driven by a 33.4 % drop in oil exports during the second quarter, amounting to SAR227.7 billion, compared to SAR341.6 billion during the same period of the previous year.

The GASTAT report added that Saudi Arabia’s non-oil exports, including re-exports, dipped 25.9 % in the second quarter to SAR63.9 billion from SAR86.2 billion in the same period of 2022.

On the other hand, non-oil exports, excluding re-exports, decreased by 30.8 % annually in the second quarter of 2023.

The report added that the Kingdom’s merchandise imports increased by 2 % or SAR3.5 billion to SAR178.9 billion in the second quarter, compared to SAR175.4 billion in the same period of the previous year.

The GASTAT report highlighted that chemical and allied products were the most important non-oil export goods in the second quarter of this year, constituting 29.6 % of total non-oil exports.

In the second quarter of this year, China was Saudi Arabia’s primary merchandise trading partner, with exports to the Asian nation amounting to SAR48.8 billion or 16.7 % of the total.

On the import side, China held the lead, accounting for 20.9 % or SR37.4 billion in imports in the second quarter of 2023.

China was followed by the US and the UAE, with imports valued at SAR15.1 billion and SAR10.6 billion, respectively.

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GE Vernova Rolls Out First H-Class Gas Turbine in Saudi Arabia

In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova
In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova
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GE Vernova Rolls Out First H-Class Gas Turbine in Saudi Arabia

In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova
In the presence of Prince Abdulaziz bin Salman, Minister of Energy, GE Vernova Inc. announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam. Image courtesy: GE Vernova

In the presence of Saudi Minister of Energy Prince Abdulaziz bin Salman, GE Vernova Inc. has announced the successful rollout of the first H-class gas turbine unit completed at the GE Saudi Advanced Turbines (GESAT) facility in Dammam in an official ceremony held at GESAT.

GESAT, a joint investment with Dussur, is the first facility in Saudi Arabia and the region to manufacture H-Class gas turbines and components.

The first locally completed H-Class unit is set to power the Jafurah Cogeneration Independent Steam and Power Plant (ISPP), which once operational is anticipated to be the most efficient power plant in Saudi Arabia.

By 2030, the entire Jafurah gas field is expected to produce up to 630,000 barrels of natural gas liquids and condensates, as well as over 420 million standard cubic feet (MMSCFD) of ethane per day.

The successful rollout of the locally completed gas turbine at GESAT is a significant milestone in the Kingdom’s energy sector and contributes to Saudi Arabia’s economic diversification and local skills development initiatives, in alignment with Saudi Vision 2030 goals.

The rollout underscores GE Vernova’s commitment to bringing cutting-edge technology products to support both the Kingdom’s energy needs and its sustainability goals.

President of GE Vernova in Saudi Arabia Hisham Al-Bahkali said: “We are incredibly proud of GESAT’s accomplishments in driving industrial localization within the Kingdom’s energy sector in support of Saudi Vision 2030.”

He added: “GESAT strengthens ‘Made in Saudi’ capabilities and, since 2018, has exported 200+ accessory modules for power plants generating more than 11 GW.”

Renowned for their high efficiency and performance, GE Vernova’s H-class gas turbines offer one of the most cost-effective conversions of natural gas to electricity in their class, and support flexible power generation needs across the Middle East.

“The high efficiency and hydrogen readiness of our H-class turbines can support the country’s energy transition, as the turbines can rapidly ramp up or down to support grid stability as more intermittent renewables are integrated into the energy system,” said Joseph Anis, president and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa.

To further support the Kingdom’s economic diversification and export capabilities, GE Vernova also signed an MoU with Saudi EXIM that aims at enabling the export of goods and services of GE Vernova from Saudi Arabia through lending and insurance support from Saudi EXIM Bank.

Since inception, GESAT has been set up to deliver technology products for export from the Kingdom, and this MoU aims to further enable export projects. The signing was done by Eng. Saad Alkhalb, CEO of Saudi Exim Bank, and Hisham Al Bahkali, President of GE Vernova for Saudi Arabia.

GE Vernova spun-off from GE and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines, GE Vernova's technology helps generate about 25% of the world's electricity and has a meaningful role to play in the energy transition.