Latest news with #tradebalance
Bloomberg
a day ago
- Business
- Bloomberg
India Posts Current Account Surplus as Trade Gap Narrows
India's current account returned a better than expected surplus in the January-March quarter as trade deficit narrowed following the revision of gold import data. The surplus in the broadest measure of trade in goods and services was $13.5 billion, or 1.3% of gross domestic product in the period, according to Reserve Bank of India data released Friday.
Zawya
3 days ago
- Business
- Zawya
Saudi Arabia's trade surplus soars 52% to $16.8bln in 1Q 2025
RIYADH — Saudi Arabia's trade balance recorded a surplus exceeding SR63 billion during the first quarter of 2025, achieving a growth of 52 percent compared to the fourth quarter of 2024, when the surplus exceeded SR41 billion, according to data from the International Trade Bulletin issued by the General Authority for Statistics (GASTAT). The data showed that the total volume of Saudi Arabia's international trade during the same period amounted to more than SR508 billion, with the value of commodity exports reaching approximately SR285 billion, compared to commodity imports exceeding SR222 billion. Non-oil national exports amounted to more than SR54 billion, representing 19 percent of total exports, while oil exports amounted to more than SR205 billion, equivalent to 71.8 percent of total exports, while the value of re-exports amounted to more than SR26 billion, representing 9.3 percent of total exports. At the level of trading partners, the group of Asian countries topped the list of importers of the Kingdom's exports, accounting for 74.6 percent, with a value exceeding SR213 billion. This was followed by the group of European countries, accounting for 12.1percent, with a value exceeding SR34 billion, and then the group of African countries, accounting for 8.1percent, with a value exceeding SR23 billion. At the country level, China topped the list of importers of the Kingdom's exports, accounting for 15.7 percent of total exports, with a value exceeding SR44 billion. This was followed by India, accounting for 9.8 percent, with a value exceeding SR28 billion, and then Japan, accounting for 9.3 percent, with a value exceeding SR26 billion. With regard to non-oil exports, including re-exports, they passed through 34 land, sea and air customs ports, and their total value amounted to more than SR80 billion. King Fahd Industrial Port in Jubail topped the customs ports with a value exceeding SR9.9 billion, representing 12.3percent of the total, followed by Jeddah Islamic Port with a value exceeding SR9.7 billion, representing 12.1percent. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arabian Business
4 days ago
- Business
- Arabian Business
Saudi Arabia posts $16.8bn trade surplus in Q1 2025, up 52% from previous quarter
Saudi Arabia's trade balance posted a SR63bn ($16.8bn) surplus in the first quarter of 2025, marking a 52 per cent increase from the fourth quarter of 2024, when the surplus was SR41bn ($10.9bn). The figures were published in the latest International Trade Bulletin issued by the General Authority for Statistics. The total value of the Kingdom's international trade during Q1 2025 exceeded SR508bn ($135.3bn), with exports reaching SR285bn ($75.9bn) and imports amounting to SR222bn ($59bn). Saudi trade statistics Oil exports remained the driving force of Saudi trade, accounting for more than SR205bn ($54.6bn) — or 71.8 per cent of total exports. Non-oil national exports contributed over SR54bn ($14.4bn), representing 19 per cent, while re-exports totalled more than SR26bn ($6.9bn), or 9.3 per cent of total exports. Asian countries were the Kingdom's largest trade partners, importing 74.6 per cent of Saudi exports valued at over SR213bn ($56.7bn). European countries accounted for 12.1 per cent (SR34bn/$9.1bn), while African countries made up 8.1 per cent (SR23bn/$6.1bn). At the individual country level: China led with 15.7 per cent of exports, valued at SR44bn ($11.7bn) India followed with 9.8 per cent (SR28bn/$7.5b) Japan ranked third with 9.3 per cent (SR26bn/$6.9bn) Saudi Arabia's non-oil exports, including re-exports, were processed through 34 customs ports — by land, sea, and air — with a total value exceeding SR80bn ($21.3bn). Key ports included: King Fahd Industrial Port in Jubail: SR9.9bn ($2.64bn), or 12.3 per cent of the total Jeddah Islamic Port: SR9.7bn ($2.59bn), or 12.1 per cent The robust Q1 trade data reflects the Kingdom's continued momentum in both oil and non-oil sectors, supporting its economic diversification and global trade expansion.
Arab News
5 days ago
- Business
- Arab News
Saudi Arabia unveils 2nd phase of industrial incentives to attract high-value investment
RIYADH: Saudi Arabia has launched the second phase of its standardized industrial incentives program, aimed at boosting competitiveness and strengthening the Kingdom's trade balance, a senior official said. Speaking at the Saudi Industry Forum in Dhahran, Khalil Ibn Salamah, deputy minister of industry and mineral resources for industrial affairs, said the initiative supports the government's efforts to drive high-value investments in priority sectors. This comes as Saudi Arabia works to position itself as a regional and global industrial hub. Since its initial launch, the program has drawn more than 1,000 investors. Of the 118 applications received, 12 have reached the final qualification stage. In his remarks, Ibn Salamah said: 'It gives me great pleasure to announce the launch of the second batch of standardized incentives under this transformative program.' He added: 'Investors will be able to invest and apply for these new standardized incentives at the beginning of August.' The initiative, described as one of the most important in the Kingdom's industrial history, extends beyond traditional financing to include direct grants. These are designed to support factories producing critical goods that are currently imported and not manufactured locally. Eligible investors under the program may receive up to SR50 million, or 35 percent of the total investment value — whichever is higher. The deputy minister emphasized the growing role of the private sector in shaping and implementing the National Industrial Strategy, which aims to expand domestic production and promote economic diversification. 'The partnership with the private sector has been a cornerstone in shaping the National Industrial Strategy, and it continues to grow steadily to ensure we meet the goals of our national industrial ambitions. The industrial investor remains an indispensable partner in our development efforts,' he said. Saudi Arabia currently oversees 61 industrial cities across the Kingdom. Of these, 37 are supervised by the Saudi Authority for Industrial Cities and Technology Zones, also known as MODON, while 18 are private and integrated industrial cities. Another four are managed by the Royal Commission for Jubail and Yanbu, and several others fall under the Special Economic Zones Authority, including OXAGON in NEOM. These zones span more than 2 trillion sq. meters, with over 500 million sq. meters already developed or under development. Infrastructure investments across these sites have exceeded SR31 billion, with an expected return of eight to 12 times for every riyal spent. 'This program has already had a significant positive impact this year and is expected to continue doing so in the years to come,' Ibn Salamah noted. The deputy minister said Saudi Arabia is currently overseeing over 1,900 industrial projects with investments totaling SR380 billion, nearly half of which are based in the Eastern Province. He noted that conversion industries are expected to account for between 30 and 40 percent of the National Industrial Strategy's overall targets, underlining their central role in expanding the Kingdom's industrial base. He further highlighted the role of the 'Wafrah' program in boosting local consumption of polypropylene, reporting over 40 percent growth and 27 percent utilization of existing capacities. Ibn Salamah stated that they are working with the Ministry of Energy to include 20 new materials in the program by 2025, which will significantly impact downstream industries. The National Industrial Strategy is built around four core enablers supported by over 140 initiatives. These include maximizing the value of natural resources, securing the availability of raw materials, enhancing the Kingdom's exports, and developing specialized industrial clusters. It also seeks to empower small and medium-sized factories by encouraging the adoption of advanced manufacturing technologies. In parallel, the government aims to increase the industrial sector's contribution to the gros domestic product while reinforcing the resilience and efficiency of local supply chains. Chemicals sector drives growth Fahad Al-Jubairy. Screenshot During a panel discussion, Fahad Al-Jubairy, assistant deputy minister for sectoral strategies and regulation at the Ministry of Industry and Mineral Resources, said the chemicals sector represents one of the most vital components of the national economy and is expected to account for more than half of the total economic impact projected by the National Industrial Strategy by 2035. 'The chemicals sector is a vital and strategic component of the national economy. It is one of the twelve key sectors targeted by the National Industrial Strategy — and indeed, it is considered the most critical due to its projected economic impact,' he said. According to Al-Jubairy, Saudi Arabia aims to multiply the output of specialty and downstream chemicals by four to five times, while boosting the production of basic and intermediate chemicals by over 12 million tons annually over the next decade. He also emphasized that the chemicals sector is foundational to the development of other industries such as automotive, aviation, construction, and advanced materials — all of which stand to benefit from the availability of locally produced value-added chemical products. 'The growth of the chemicals sector will position the Kingdom where it truly belongs among the world's leading economies — particularly within the G20 — by reinforcing its global leadership across various products and industries, especially petrochemicals,' Al-Jubairy said. He further noted that the sector's growth will contribute significantly to job creation, increase industrial competitiveness, and open new investment opportunities for entrepreneurs, particularly in small and medium-sized enterprises. New industrial projects The forum featured several key announcements aimed at accelerating industrial growth and localization. Two industrial complexes were inaugurated in the Eastern Province. The first, in Dammam Third Industrial City, will enhance service availability and integration with neighboring industrial zones and export outlets. The second, in Jubail Second Industrial City, targets high-value investments in the chemicals sector and strengthens links with upstream and intermediate feedstock sources. Both fall under the Specialized Industrial Complexes Initiative, which supports economic diversification, local content, and job creation by attracting advanced manufacturing investments. A strategic partnership was also announced to establish Saudi Arabia's first tinplate manufacturing plant, in collaboration between the National Industrial Co. and China's Shanghai Donghexin Group. Additionally, MODON signed major industrial agreements, including a SR40 million contract with Abdullah Al-Shuwayer Sons Heavy Metal Industries, a SR35 million lease with Al-Sharq Polystyrene Factory, and a SR20 billion investment deal with Al Marje Al Hayawi Co. Ltd.
CNA
18-06-2025
- Automotive
- CNA
Japan's auto exports to US drop after tariffs
TOKYO: Japanese auto exports to the United States fell almost a quarter in May, data showed on Wednesday (Jun 18), as worries over Donald Trump's tariffs continue to grow with no deal yet made between Tokyo and Washington. Roughly 8 per cent of jobs are tied to the auto industry in Japan, which is home to the world's top-selling carmaker Toyota as well as Honda, Nissan and other giants. The country is seeking relief from the 25 per cent US vehicle tariffs and other trade levies, but no deal has been reached despite several rounds of talks with Trump and his administration. Japan posted a trade deficit for the second straight month in May, with imports exceeding the value of exports by 637.6 billion yen (US$4.4 billion). To the United States specifically, exports fell around 11 per cent, with the export of automobiles down 24.7 per cent on-year, finance ministry data showed. "A series of tariffs imposed by the United States, which represents roughly one-fourth of world GDP and roughly 20 per cent of Japan's exports, is hitting many Japanese companies' profits," Prime Minister Shigeru Ishiba told reporters in Canada after the G7 summit. The situation "could have a grave impact on both Japan and the United States as well as the world economy, directly and indirectly", he warned. Ishiba held face-to-face talks with Trump on Monday but no breakthrough on the trade impasse was announced. "As there are still some points where both sides disagree, we have not reached an agreement on the package as a whole," he said. "I had frank discussions with President Trump, and we agreed to instruct the relevant cabinet members to advance further discussions." Japan's trade surplus with the United States shrank 4.7 per cent on-year in May – the first contraction in the past five months, even as imports from the country dropped 13.5 per cent. Japan, a key US ally and its biggest investor, is subject to the same 10 per cent baseline tariffs imposed on most nations plus steeper levies on cars, steel and aluminium. Trump also announced an additional 24 per cent "reciprocal" tariff on Japan in early April, but later paused it along with similar measures on other countries.
