Kingdom of Saudi Arabia’s total non-oil merchandise exports to GCC countries reached SR10.99 billion ($2.9 billion) in May, an increase from SR8.43 billion in the same month last year, as per preliminary data from the General Authority for Statistics. During this period, merchandise imports from GCC countries saw a modest rise from SR6.03 billion to SR6.24 billion. As a result, the Kingdom’s non-oil trade balance with the GCC saw a notable improvement, climbing to SR4.74 billion in May from SR2.40 billion a year earlier. The UAE continued to be KSA’s largest non-oil trading partner within the GCC. Non-oil exports from the UAE to KSA grew from SR4.90 billion in May 2023 to SR6.07 billion this year. Imports from the UAE also increased, rising from SR3.63 billion to SR4.54 billion. This led to an improved trade balance with the UAE of SR1.52 billion, up from SR1.26 billion last year. Kuwait witnessed a decline in its trade with the Kingdom. It dropped from SR1.26 billion in May 2023 to SR571.4 million this year. This decline was largely due to a significant drop in re-exports, which fell from SR898.2 million to SR147.6 million.
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