Saudi current account deficit reached $9.5 billion in the second quarter of 2026, up from 13.4 billion a year earlier. The statistical bulletin of September 2026 of the Saudi Central Bank confirms this annual improvement, but also the return to the deficit after the surplus at the beginning of the year. Oil exports support external accounts. Workers’ services and transfers continue to weigh on their pay.
The figures of the Saudi Central Bank, SAMA, describe two distinct developments. This quarterly result was already known in October: Tim Callen, of the Arab Gulf States Institute, analyzed on 2 October 2026. Between April and June, the deficit decreased by 29.5% compared to the same period of 2025. On the other hand, it follows a surplus of $4.1 billion in the first quarter of 2026.
These data remain provisional. SAMA ranks second quarter 2026 among the estimates and previous quarters as preliminary results. The September bulletin brings together series with different dates: reserves run until September, balance of payments until June.
Saudi current account deficit drops over one year
The current account includes trade in goods, services, primary and secondary income. It measures current economic operations with the rest of the world. It differs from the budget balance, which compares government revenue and expenditure. A current deficit is therefore not a measure of the Saudi budget deficit.
In the second quarter, Saudi Arabia maintains a merchandise trade surplus of $21.7 billion. It increases by nearly $5.9 billion over a year. It partially offsets outflows from services and transfers.
| Balance | T2 2025 | T2 2026 |
|---|---|---|
| Goods | +15,822 | +21,739 |
| Services | -17,308 | -16,351 |
| Primary income | +3,532 | +4,386 |
| Secondary income | -15,487 | -19.247 |
| Current account | -13.441 | -9,473 |
The improvement of goods dominates the annual comparison. Services also reduce their deficit, while the primary income surplus increases. The deterioration of secondary incomes, which includes personal transfers, absorbs some of these gains.
Oil remains the main input
Oil exports reached $54.2 billion between April and June 2026. They are up 9.4% year-on-year. But they fell by 12% compared to the first quarter when they exceeded 61.6 billion. This movement accounts for a significant part of the quarterly turnover.
Non-oil exports were $21 billion, compared to almost $23 billion a year earlier. Their decline is 8.3%. This category combines products made in the kingdom and re-exports.
Revenues of $76.4 billion and expenditures of $54.7 billion in the second quarter of total goods. Purchases vary little from the previous quarter, while sales decline. The surplus of goods thus rose from $30.1 billion to $21.7 billion.
Services and transfers absorb the trade surplus
Services have a deficit of $16.4 billion. Their revenues reach $15.9 billion, compared to $32.2 billion in expenditures. The balance improved over one year, but deteriorated compared to the first quarter.
The travel item remains surplus of $2.4 billion. The corresponding revenues were 9 billion, compared with 6.7 billion. This positive result is not enough to compensate for deficits in transport, construction and other services.
The transfer of workers to abroad amounts to $18.2 billion. They increased by 31.4% compared to the second quarter of 2025 and exceeded 17.3 billion at the beginning of 2026. This exit is the main component of the secondary income deficit.
Reserves of 465.7 billion at the end of September
The same bulletin specifies the amount of official reserves. SAMA accounts for 1,746.3 billion riyals of reserve assets at the end of September 2026. At the rate of 3.75 riyals per dollar, this represents $465.7 billion, compared to $487.3 billion at the end of August.
The figure of $440.7 billion represents a narrower scope. It adds foreign currencies and deposits abroad to foreign securities investments. It excludes monetary gold, special drawing rights and the reserve position with the International Monetary Fund.
At the same scope, total reserve assets decreased by $21.6 billion between August and September. This late summer trend is distinct from spring current flows.
Over the first six months of 2026, the current account had a cumulative deficit of $5.4 billion. It reached 16.3 billion in the first half of 2025. This issue of the bulletin does not yet provide the result of the third quarter current account. The quarterly estimates presented do not constitute a forecast for the whole of 2026.
Data source: Saudi Central Bank, September 2026 Monthly Statistical Bulletin, Balance of Payments and Reserve Assets Tables. Data consulted on 3 November 2026; dollar reserves are calculated at a rate of 3.75 riyals per dollar.
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