Saudi Arabia: Trade surplus rises sharply in July

Saudi Arabia recorded a trade surplus of SAR 26.8bn in July, an increase of 53% y/y.
Underlying the move in the headline trade balance was a 7.8% y/y rise in the value of total exports to SAR 102bn, while the value of imports fell 2.5% y/y to SAR 75.5bn.
On a monthly basis, the trade balance increased by almost 40%, driven in large part by re-exports.
The largest destination for non-oil exports in July (including re-exports) was the UAE which imported SAR 10bn, representing almost 30% of total Saudi non-oil exports.
Machinery and electrical equipment imports accounted for over 29% of total imports, followed by vehicles and transport equipment (13%).