Saudi Arabia’s trade balance reached a surplus of SAR 98.368 billion ($26.22 billion) in the second quarter of 2024, marking its highest level this year, according to preliminary data from the General Authority for Statistics (GASTAT).
This represents a 13.2% increase from the first quarter, with growth of SAR 11.495 billion compared to the SAR 86.873 billion surplus in Q1 2024.
The Kingdom’s international trade totalled SAR 490.657 billion, with merchandise exports at SAR 294.512 billion, making up 60% of the overall trade. Merchandise imports stood at SAR 196.144 billion. Non-oil domestic exports were SAR51.400 billion, accounting for 17.5% of total exports.
Petroleum exports reached SAR 220.784 billion, representing 75% of total exports, while re-exports amounted to SAR 22.327 billion, making up 7.6% of total exports.
The Asian group of countries, excluding Arab and Islamic nations, was the top importer, taking 50.1% of Saudi Arabia’s total goods exports valued at SAR 147.622 billion. The European Union came in second with 15.6% and SAR 46.010 billion, followed by the Gulf Cooperation Council (GCC) countries with 13.3% and SAR 39.198 billion.
China was the largest single importer, accounting for 16.2% of the Kingdom’s total goods exports at SAR 47.588 billion. The Republic of Korea followed with SAR 26.408 billion (9%), and Japan with SAR 25.950 billion (8.8%).
Non-oil exports, including re-exports, passed through 34 customs outlets and ports. King Fahd Industrial Port in Jubail had the highest transport value, with SAR 11.202 billion or 15.2% of the total.
