Saudi Trade Surplus Hits $5.5 Billion in October 2024
Saudi Arabia's trade surplus climbed to SAR20.7 billion ($5.5 billion) in October 2024, marking a 30% monthly growth. The surplus increased by over SAR4 billion ($1.06 billion) compared to SAR15.9 billion ($4.2 billion) in September.
The Kingdom's total trade volume reached SAR164.7 billion ($43.8 billion), showing a 2% growth, or SAR2.5 billion ($690.1 million). Merchandise exports contributed SAR92.7 billion ($24.7 billion), while imports accounted for SAR72 billion ($19.2 billion). Oil and Non-Oil Exports
Oil exports remained dominant, totaling SAR67.3 billion ($17.9 billion), representing 72.6% of total exports in October. Non-oil exports, including re-exports, reached SAR25.3 billion ($6.7 billion), constituting 27.4% of total exports.
Non-oil exports alone amounted to SAR19.4 billion ($5.1 billion), or 21% of all exports, with re-exports valued at SAR5.9 billion ($1.5 billion). Top Export Destinations
Asian countries, excluding Arab and Islamic nations, led in receiving Saudi exports, accounting for 52.2%, valued at SAR48.4 billion ($12.9 billion). The Gulf Cooperation Council (GCC) countries ranked second, receiving SAR12.1 billion ($3.2 billion), or 13.1% of exports.
The European Union came third, importing SAR12 billion ($3.2 billion), representing 13% of total Saudi exports. China was the top individual destination, accounting for 16.1% of total exports, worth SAR14.9 billion ($3.9 billion).
India and Japan followed, each receiving SAR8.7 billion ($2.3 billion), with shares of 9.5% and 9.4%, respectively. Key Trade Routes
Non-oil exports, including re-exports, moved through 33 customs ports across sea, land, and air, with a total value of SAR25.3 billion ($6.7 billion).
King Fahd Industrial Port in Jubail led all transportation ports, handling SAR3.7 billion ($1 billion), representing 15% of the total non-oil trade.
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