Saudi Trade Surplus Hits Record $11bn, China, Japan And India Top Export Destinations

The trade balance of the Kingdom of Saudi Arabia reached a surplus of SR41.411bn ($11bn) in April 2024, which is the highest level so far this year, according to the preliminary international trade data released by the General Authority for Statistics (GASTAT).

The data shows a 36 per cent monthly growth and an increase of SR10.967bn ($2.9bn) compared to the surplus of SAR30.443bn ($8.1bn) posted in March of the same year.

The trade balance has grown by more than 48.5 per cent since the beginning of the year, with an increase of SR13.525bn ($3.6bn), as it stood at SR27.885bn ($7.4bn) in January.

Saudi trade surplus

Saudi Arabia’s total international trade exceeded SR162bn ($43.2bn), with goods exports reaching SR101.708bn ($27.1bn), accounting for 63 per cent of total trade.

Goods imports reached SR60.297bn ($16.1bn). Non-oil domestic exports amounted to SR16.234bn ($4.3bn) in April 2024, representing 16 per cent of total exports.

Oil exports amounted to SR79.326bn ($21.1bn), accounting for 78 per cent of total exports, while re-exports value reached SR6.147bn ($1.6bn), representing 6 per cent of total exports.

In April 2024, the Asian group of countries, excluding Arab and Islamic countries, topped the group of importing countries, accounting for 50.2 per cent of the Saudi Arabia’s total goods exports, with a value of SR51.094bn ($13.6bn).

The European Union group of countries was second, accounting for 16.5 per cent of total goods exports, with a value of SR16.757bn ($4.5bn).

The Gulf Cooperation Council (GCC) group of countries was third, accounting for 12.4 per cent of total goods exports, with a value of SR12.562bn ($3.3bn).

In terms of exports by country, China was the largest importer, accounting for 16.6 per cent of the Saudi Arabia’s total goods exports, with a value of SR16.925bn ($4.5bn) in April 2024, while Japan followed with a value of SR9.321bn ($2.5bn) and a share of 9.2 per cent of total goods exports.

India was third as the largest importer, with a value of SR8.25bn ($2.2bn) and a share of 8.1 per cent of total goods exports.

Non-oil exports, including re-exports, passed through 29 diverse customs outlets and ports (sea, land, and air), with a preliminary value of SR22.382bn ($6bn).

King Fahd Industrial Port in Jubail achieved the highest value among all available means of transport and different outlets, with a value of SR3.594bn ($958m), or 16.1 per cent of the total.