Saudi Arabia’s trade balance achieved a surplus of SAR98.368 billion ($26.21 billion) in the second quarter of 2024, marking its highest level so far this year, according to preliminary international trade data from GASTAT. This represents a quarterly increase of 13.2 percent, or SAR11.495 billion, compared to the surplus of SAR86.873 billion recorded in the first quarter of the same year.
According to the General Authority for Statistics, the Kingdom’s total international trade exceeded SAR490.657 billion, with merchandise exports amounting to SAR294.512 billion, accounting for 60 percent of the overall trade. Merchandise imports stood at SAR196.144 billion. Domestic non-oil exports reached SAR51.400 billion, making up 17.5 percent of the total exports, SPA reported.
Petroleum and re-exports dominate exports
Petroleum exports reached SAR220.784 billion, comprising 75 percent of the total exports, while re-exports were valued at SAR22.327 billion, representing 7.6 percent of the total.
Top destination countries for Saudi exports
The Asian group of countries, excluding Arab and Islamic nations, emerged as the top importing group, accounting for 50.1 percent of the Kingdom’s total goods exports, with a value of SAR147.622 billion. The European Union group came in second, making up 15.6 percent of total goods exports, valued at SAR46.010 billion. The Gulf Cooperation Council (GCC) group of countries was third, contributing 13.3 percent of the total goods exports, worth SAR39.198 billion.
Read more: Saudi Arabia’s ports climb to 15th spot in global container handling ranking: Report
Leading individual importers of Saudi goods
China was the largest importer, accounting for 16.2 percent of the Kingdom’s total goods exports, valued at SAR47.588 billion. Additionally, the Republic of Korea followed with a value of SAR26.408 billion and a 9 percent share of the total goods exports. Japan was the third-largest importer, with a value of SAR25.950 billion and an 8.8 percent share of the total goods exports.
Ports and customs outlets for non-oil exports
Non-oil exports, including re-exports, passed through 34 customs outlets and ports (sea, land, and air), with a preliminary value of SAR73.728 billion ($19.64 billion). Moreover, King Fahd Industrial Port in Jubail recorded the highest value among all available means of transport and different ports, at SAR11.202 billion, or 15.2 percent of the total.
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