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.



FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.