Saudi Gazette report

RIYADH — Saudi Arabia’s trade balance recorded a surplus of SR98.36 billion in the second quarter of 2024, reaching its highest level during the current year. This represents a quarterly growth of 13.2 percent, with an increase of SR11.495 billion compared to a surplus of SR86.873 billion in the first quarter of the year, according to the preliminary international trade data released by the General Authority for Statistics (GASTAT).

Saudi Arabia’s international trade surpassed SR490.657 billion, with merchandise exports totaling SR294.51 billion, comprising 60 percent of the overall trade. Merchandise imports amounted to SR196.144 billion. Non-oil domestic exports reached SR51.400 billion, accounting for 17.5 percent of the total exports. Petroleum exports reached SR220.784 billion, accounting for 75 percent of total exports, while re-exports amounted to SR22.327 billion, representing 7.6 percent of total exports.

The GASTAT report noted that the Asian group of countries, excluding Arab and Islamic countries, topped the group of importing countries, accounting for 50.1percent of the Kingdom's total goods exports, with a value of SR147.622 billion. The European Union group of countries was second, accounting for 15.6 percent of total goods exports, with a value of SR46.010 billion. The Gulf Cooperation Council (GCC) group of countries was third, representing 13.3 percent of total goods exports, with a value of SR39.198 billion.

In terms of exports by country, China was the largest importer, accounting for 16.2 percent of the Kingdom’s total goods exports, with a value of SR47.588 billion, while South Korea followed with a value of SR26.408 billion and a share of 9 percent of the total goods exports. Japan was the third-largest importer, with a value of SR25.950 billion and a share of 8.8 percent of total goods exports.

Non-oil exports, including re-exports, passed through 34 customs outlets and sea, land, and air ports, with a preliminary value of SR73.728 billion. King Fahd Industrial Port in Jubail saw the highest value among all available means of transport and different ports, with a value of SR11.202 billion, or 15.2 percent of the total, the report pointed out.