Saudi Arabia recorded its highest merchandise trade surplus since 2022 in March, as oil exports climbed 37.4% to SAR 92.5 billion ($26.66 billion). The General Authority for Statistics (GASTAT) published the data in its latest international merchandise trade bulletin, confirming the trade surplus rose 218.9% year-on-year, a sharp turnaround driven by robust export performance.
East-West Pipeline: a strategic asset delivering results
A key driver of this growth is the East-West pipeline, which transports crude oil and petroleum products to the Red Sea port of Yanbu. Mohammad Al-Sabban, a former senior adviser to the Saudi oil minister, told Asharq Al-Awsat that the pipeline’s contribution to March’s export figures reflects decades of sound strategic planning.
Al-Sabban noted that the pipeline, constructed in the mid-1980s, now carries up to 7 million barrels per day. Furthermore, it allows Saudi Arabia to bypass risks linked to the Strait of Hormuz, a route that remained closed for extended periods in the past.
“Many countries have seen their exports shrink after the recent crisis, but with the East-West pipeline in place, the Kingdom was able to raise total merchandise exports.”
As a result, oil exports raised their share of total merchandise exports to 80.3%, up from 71.0% a year earlier, with total exports reaching SAR 115 billion ($30.66 billion) in March, a 21.5% increase from March 2025.
Imports fall as non-oil trade shifts
Meanwhile, imports fell 24.8% year-on-year to SAR 58 billion ($15.46 billion). This decline, combined with stronger exports, pushed the ratio of non-oil exports to imports up to 39.3% from 35.8% a year earlier, a sign of improving trade balance structure. Non-oil exports, however, fell 17.3%, while national non-oil exports excluding re-exports dropped 27.0% to SAR 14 billion ($3.73 billion). Re-exports rose 2.5%, supported by a 51.1% jump in machinery and electrical equipment, which accounted for 62.4% of total re-exported goods.
China remained Saudi Arabia’s top trading partner, accounting for 14.1% of exports and 26.7% of imports, with India following at 13.7% of exports, and the United States at 8.4% of imports. Jeddah Islamic Port handled 29.8% of total imports, while King Abdulaziz International Airport led non-oil exports with a 23.4% share.
