Riyadh – Mubasher: Saudi Arabia registered a trade surplus with Arab countries worth SAR 22.47 billion ($5.99 billion) in the first half (H1) of 2020, a yearly decrease of 37.5% when compared to SAR 35.93 billion ($9.58 billion) in the year-ago half.
This decline came amidst a shrink in the trade exchange volume due to the ongoing global economic circumstances resulted from the coronavirus pandemic outbreak.
Trade exchange between Saudi and Arab states dipped by 24% or SAR 26.76 billion ($7.14 billion) year-on-year (YoY) during H1-20 when compared to H1-19, according to data collected by Mubasher based on official figures.
The value of Saudi and Arab countries merchandise trade amounted to SAR 84.51 billion ($22.54 billion) in H1-20, compared with SAR 111.27 billion ($29.67 billion) in the same period in 2019.
Saudi exports to Arab states stood at SAR 53.49 billion ($14.26 billion) in the January-June period, down 27.3% YoY from SAR 73.6 billion ($19.63 billion) in the prior-year period.
In the meantime, the kingdom’s imports from Arab countries tumbled by 17.65% or SAR 6.65 billion ($1.77 billion) yearly in H1-20, reaching SAR 31.02 billion ($8.27 billion) from SAR 37.67 billion ($10.04 billion) in H1-19.
KSA records trade surplus of more than $2bn in Q2
Over the second quarter (Q2) of the year, the GCC nation’s trade surplus with Arab countries came in at SAR 8.07 billion ($2.15 billion), posting a 53.4% yearly plunge.
Moreover, trade exchange totalled SAR 36.86 billion ($9.83 billion) in Q2-20, compared with SAR 56.49 billion ($15.06 billion) in Q2-19.
The UAE and Egypt were Saudi’s main trading partners in H1
The UAE was Saudi Arabia’s main trading partner in H1-20, with total trade of SAR 33.1 billion ($8.83 billion) and a trade surplus of SAR 2.39 billion ($638.11 million).
At the same time, Egypt and Bahrain followed with an overall trade worth SAR 15.04 billion ($4.01 billion) and SAR 11.52 billion ($3.07 billion), respectively.