Saudi oil exports rise 37% in March

• Annual 17% fall for non-oil exports
• Value of re-exports up 3%
• China top importer of Saudi goods

Saudi Arabia’s oil exports showed a 37 percent year-on-year increase in March while non-oil exports fell, according to official figures.

Oil shipments’ share of total exports rose to 80 percent, from 71 percent a year earlier, the General Authority for Statistics said in a report.

The US-Israeli war with Iran began on February 28 and escalated in March. Crude prices shot up to $120 per barrel, from around $70 before the conflict, due to the near-closure of the Strait of Hormuz.

Non-oil exports fell 17 percent year on year. The value of re-exported goods increased 3 percent, driven by a 51 percent rise in machinery, electrical equipment and parts, representing 62 percent of total re-exports.

Merchandise exports – all goods produced in the kingdom and sold overseas – rose 22 percent.

However, imports declined by 25 percent, Gastat said.

China was the main destination for Saudi merchandise exports, followed by India and Japan. South Korea, the UAE, Malta, Egypt, Singapore, Myanmar and Poland made up the top 10 export destinations.

China topped the imports list, followed by the US and the UAE, the report said.

Earlier this month Saudi Aramco said net earnings during the first quarter of 2026 jumped 73 percent compared to the fourth quarter of 2025 to SAR120 billion ($32 billion), its highest quarterly profit since 2023.

The oil giant reported lower profits in the fourth quarter of 2025 due to a drop in oil prices.

Meanwhile, Riyadh-based investment manager Jadwa Investment has cut its 2026 forecast for growth in the Saudi non-oil economy to 2.7 percent. Its pre-war projection had been 4.3 percent, following what it saw as several years of above-trend expansion. For 2027, Jadwa expects a rebound close to 5 percent.

Naif Al-Ghaith, chief economist at Riyad Bank, said in S&P Global’s April monthly purchasing managers’ index that sentiment among the Saudi non-oil sector was largely optimistic.

“The future output index indicates that firms expect activity to strengthen over the next 12 months. The underlying fundamentals remain robust, positioning the kingdom for continued non-oil growth and long-term economic stability.”

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