The trade balance of the Kingdom of Saudi Arabia reached a surplus of SAR98.368 billion 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%, with an increase of SAR11.495 billion compared to a surplus of SAR86.873 billion in the first quarter of the same year.
The Kingdom’s international trade surpassed SAR490.657 billion, with merchandise exports totaling SAR294.512 billion, comprising 60% of the overall trade. Merchandise imports amounted to SAR196.144 billion. Non-oil domestic exports reached SAR51.400 billion, accounting for 17.5% of the total exports.
Petroleum exports reached SAR220.784 billion, accounting for 75% of total exports, while re-exports amounted to SAR22.327 billion, representing 7.6% of total exports.
The Asian group of countries, excluding Arab and Islamic countries, topped the group of importing countries, accounting for 50.1% of the Kingdom’s total goods exports, with a value of SAR147.622 billion. The European Union group of countries was second, accounting for 15.6% of total goods exports, with a value of SAR46.010 billion. The Gulf Cooperation Council (GCC) group of countries was third, accounting for 13.3% of total goods exports, with a value of SAR39.198 billion.
In terms of exports by country, China was the largest importer, accounting for 16.2% of the Kingdom’s total goods exports, with a value of SAR47.588 billion, while the Republic of Korea followed with a value of SAR26.408 billion and a share of 9% of the total goods exports. Japan was the third-largest importer, with a value of SAR25.950 billion and a share of 8.8% 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 SAR73.728 billion. King Fahd Industrial Port in Jubail saw the highest value among all available means of transport and different ports, with a value of SAR11.202 billion, or 15.2% of the total.
Source: spa.gov.sa