Saudi Arabia’s trade balance reached a surplus of SR98.368bn ($26.8bn) in the second quarter of 2024, reaching its highest level during the current year, according to the preliminary international trade data released by the General Authority for Statistics (GASTAT).
This represents a quarterly growth of 13.2 per cent, with an increase of SR11.495bn ($3.1bn) compared to a surplus of SR86.873bn ($23.7bn) in the first quarter of the same year.
Saudi Arabia’s international trade surpassed SR490.657bn ($133.7bn), with merchandise exports totalling SR294.512bn ($80.2bn), comprising 60 per cent of the overall trade.
Saudi trade surplus
Merchandise imports amounted to SR196.144bn ($53.4bn). Non-oil domestic exports reached SR51.4bn ($14bn), accounting for 17.5 per cent of the total exports.
Petroleum exports reached SR220.784bn ($60.1bn), accounting for 75 per cent of total exports, while re-exports amounted to SR22.327bn ($6.1bn), representing 7.6 per cent of total exports.
The Asian group of countries, excluding Arab and Islamic countries, topped the group of importing countries, accounting for 50.1 per cent of the Kingdom’s total goods exports, with a value of SR147.622bn ($40.2bn).
The European Union group of countries was second, accounting for 15.6 per cent of total goods exports, with a value of SR46.01bn ($12.5bn).
The Gulf Cooperation Council (GCC) group of countries was third, accounting for 13.3 per cent of total goods exports, with a value of SR39.198bn ($10.7bn).
In terms of exports by country, China was the largest importer, accounting for 16.2 per cent of the Saudi Arabia’s total goods exports, with a value of SR47.588bn ($13bn), while the Republic of Korea followed with a value of SR26.408bn ($7.2bn) and a share of 9 per cent of the total goods exports.
Japan was the third-largest importer, with a value of SR25.95bn ($7.1bn) and a share of 8.8 per cent of total goods exports.
Non-oil exports, including re-exports, passed through 34 customs outlets and ports (sea, land, and air), with a preliminary value of SR73.728bn ($20.1bn).
King Fahd Industrial Port in Jubail saw the highest value among all available means of transport and different ports, with a value of SR11.202bn ($3.1bn), or 15.2 per cent of the total.
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