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Saudi Arabia's Trade Surplus Exceeds SAR90 Billion in Q1 2026

The Jeddah Islamic Port (SPA)
The Jeddah Islamic Port (SPA)
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Saudi Arabia's Trade Surplus Exceeds SAR90 Billion in Q1 2026

The Jeddah Islamic Port (SPA)
The Jeddah Islamic Port (SPA)

Saudi Arabia recorded a trade surplus of SAR90.5 billion during the first quarter (Q1) of 2026, marking a year-on-year increase of 43.7%. The surplus increased by more than SAR27 billion compared with the same period in 2025, when it stood at approximately SAR63 billion, according to the General Authority for Statistics' International Trade Bulletin for March, SPA reported .

The data showed that the trade surplus increased by 60% on a quarterly basis. It rose by more than SAR33.9 billion compared with the fourth quarter of 2025, when the surplus totaled approximately SAR56.5 billion. On a monthly basis, the trade surplus continued to grow in March 2026. It increased by 200.9%, rising by more than SAR38 billion compared with February, when the surplus stood at approximately SAR19.1 billion.

According to the data, Saudi Arabia's total international trade exceeded SAR535 billion during Q1 2026, achieving year-on-year growth of 4.5%. This represents an increase of approximately SAR22.9 billion compared with the same period last year, when total trade reached SAR512.3 billion. Total merchandise exports in Q1 2026 reached approximately SAR312.8 billion, compared with imports of approximately SAR222.3 billion. National exports, including oil and non-oil exports, totaled SAR274.5 billion.

The data also showed that the value of re-exports exceeded SAR38 billion during the first quarter, achieving year-on-year growth of 32.9%. This represents an increase of more than SAR9 billion compared with the corresponding period last year, when re-exports totaled around SAR28.8 billion.

Among trading partners, Asian countries ranked first among importers of Saudi exports, with a value exceeding SAR229.2 billion. They were followed by European countries with more than SAR47 billion, African countries with SAR22.5 billion, and countries in the Americas with approximately SAR12.6 billion. China remained the largest importer of Saudi exports during the first quarter, with imports valued at SAR44.8 billion.

Regarding non-oil exports, including re-exports, shipments passed through 32 land, sea, and air customs ports, with a value exceeding SAR86.1 billion. King Abdulaziz International Airport in Jeddah ranked first, handling exports valued at SAR17.5 billion, followed by Jeddah Islamic Port with exports exceeding SAR12 billion. 

These results reflect the continued strength of Saudi Arabia's foreign trade performance, supported by growth in national exports and re-exports, alongside expanding commercial activity and stronger trade relations with countries around the world.

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Türkiye Central Bank Raises End-2026 Inflation Forecast to 28%, Leaves Target Unchanged

Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)
Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)
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Türkiye Central Bank Raises End-2026 Inflation Forecast to 28%, Leaves Target Unchanged

Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)
Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)

Türkiye's central bank raised its inflation forecast for the end of 2026 to 28% from 26% but left its interim inflation target for the same period at 24%, Governor Fatih Karahan said on Thursday.

Presenting the central bank's quarterly inflation report ‌in Istanbul, Karahan said ‌the bank kept ‌its ⁠interim inflation target for ⁠end-2027 steady at 15% and the interim target for end-2028 stayed at 9%.

"The CBRT will ensure the tightness required by the projected disinflation path in line with ⁠the interim targets," Karahan said.

He said ‌the upward ‌revision of the end-2026 forecast was "driven ‌by the increase in the ‌assumption for Turkish lira-denominated import prices in view of the developments in prices of diesel oil, natural gas, and some ‌other commodities".

Last month, the central bank left its key interest ⁠rate ⁠at 37%, as expected, keeping borrowing costs unchanged for a fourth consecutive meeting as it monitors the inflationary impact of the Iran war.

Turkish consumer price inflation rose to 1.78% month-on-month in July while annual inflation dipped slightly from a month earlier to 31.75%.

Business

UK Economy Slows Amid Political Unrest, Middle East War

A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)
A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)
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UK Economy Slows Amid Political Unrest, Middle East War

A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)
A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)

Britain's economy slowed in the second quarter, the national statistics office reported Thursday, saying that output remained "robust" despite domestic political unrest and fallout from the US-Iran war.

Gross domestic product increased 0.4 percent in the April-June period after GDP expansion of 0.6 percent in the first quarter, the Office for National Statistics (ONS) said in a statement.

Keir Starmer resigned as British prime minister in late June and was replaced around one month later by Andy Burnham, as the Labour government was overtaken in opinion polls by the hard-right party Reform UK.

Following Thursday's data, the country's new finance minister, John Healey, said that under Burnham, Labour was a "hands-on government, putting British interests first -- giving breathing space to those feeling the strain, making our country more resilient and bringing hope back".

Struggling already with elevated inflation, millions of Britons have seen their situation worsen after the US-Iran war sent energy costs soaring.

"I know people are worried about the impact of the conflict in the Middle East on their cost of living, which has been too high for too long and it has added pressure on British businesses," Healey added in a statement.

- World Cup boost -

The latest GDP data showed that output from the services sector grew 0.5 percent in the second quarter, and construction also expanded while production flattened.

"Growth (overall) slowed in the second quarter of the year, following a strong start to 2026, but remained relatively robust," said ONS director of economic statistics, Liz McKeown.

"Services were once again the main driver of growth," she added.

The second quarter had a strong finish, growing 0.3 percent in June after zero expansion in May and a slight dip in April, the ONS said.

It cited the recent football World Cup "as a reason for an increase in turnover in June... by businesses in industries such as wholesale, food and beverage serving activities, publishing activities, television production and advertising".

But Stuart Morrison, research manager at the British Chambers of Commerce, said in a statement that "the headline figures shouldn't disguise the cocktail of cost pressures choking long-term business growth".

He said Healey's first budget, due October 28, "must be a game changer for stronger, sustainable growth", adding that Britain needed "measures that boost trade, investment and productivity".

Burnham has so far concentrated on easing the cost of living for households, with tax on their electricity bills set to be removed this winter.

The Bank of England recently warned that British inflation was set to rise as the Middle East war keeps energy prices high.

Business

Gold Off Two-month Peak as Traders Seek Inflation Cues

Gold bars and 'sovereign pounds' coins at Bird & Co. in Hatton Garden, London (Reuters)
Gold bars and 'sovereign pounds' coins at Bird & Co. in Hatton Garden, London (Reuters)
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Gold Off Two-month Peak as Traders Seek Inflation Cues

Gold bars and 'sovereign pounds' coins at Bird & Co. in Hatton Garden, London (Reuters)
Gold bars and 'sovereign pounds' coins at Bird & Co. in Hatton Garden, London (Reuters)

Gold edged lower on Thursday, after touching a more than two-month high earlier in the session, as traders paused after a rally fueled by cooling US inflation, with attention turning to an upcoming producer price report for clues to prospects of near-term Federal Reserve rate hikes.

Spot gold fell 0.5% to $4,383.53 per ounce ‌by 0601 GMT, after ‌jumping about 1% to its highest since ‌June ⁠5. US gold futures ⁠for December delivery fell 0.6% at $4,440.80.

"Gold is in consolidation mode today after its post-CPI gains, with near-term expectations of a Fed rate hike being dialed back another notch," said Tim Waterer, chief market analyst at KCM Trade.

"Traders appear content to wait for confirmation from the upcoming PPI data before committing to the next leg higher."

Prices have ⁠risen over 8% so far this month, ‌as traders scale back US interest rate ‌hikes bets amid recent softer economic data.

On the geopolitical front, Iran and ‌the US remain at loggerheads over efforts to agree on a ‌permanent end to the war, according to a senior Iranian source, who said there had been no progress in talks to revive the interim deal agreed in June.

On monetary policy, Fed policymakers are likely ‌to feel little fresh urgency to raise interest rates next month after data on Wednesday showed inflation ⁠cooled on ⁠a year-over-year basis for a second straight month.

The consumer price index rose 3.4% in the 12 months through July, down from 3.5% in June, in line with economists' expectations. Traders are now pricing in only a 40% chance of a hike at the September meeting, down from about 54% seen a week before, according to the CME FedWatch Tool.

Lower rates tend to support gold by lowering the opportunity cost of holding the non-yielding asset.

In other metals, spot silver lost about 0.3% to $65.09 per ounce, having climbed to its highest since June 22 in the previous session.

Platinum lost 0.8% at $1,741.96, and palladium fell 0.9% at $1,357.29.