Saudi Trade Surplus Hits $5.5 Billion in October 2024
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.
Short link :
Post Views: 30
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leaders
12 hours ago
- Leaders
Saudi Arabia Rolls out New Law Allowing Non-Residents to Purchase Property
Saudi Arabia's Cabinet has approved a digital identification system allowing non-Saudi, non-resident foreigners to purchase property in the Kingdom, according to Gulf News. The Cabinet also approved a governance framework for non-Saudi property ownership and usufruct rights, based on recommendations from the Strategic Committee of the Council of Economic and Development Affairs. Part of this framework includes establishing a dedicated committee within the authority's board to oversee the sector. Moreover, the General Real Estate Authority, in coordination with the Ministry of Interior, the Saudi Data and Artificial Intelligence Authority, the National Information Centre and other relevant agencies, will have the authority to develop mechanisms for implementing the digital ID in preparation for the rollout of the Non-Saudi Real Estate Ownership Law. The new ownership law, approved in last July, is set take effect in January 2026. In August, the authority released draft executive regulations stipulating that non-resident foreigners must meet the following requirements in order to acquire or utilize property in the Kingdom: Obtaining and activating a digital ID via the government's Absher platform Opening a Saudi bank account Registering a local contact number By streamlining transactions and boosting regulatory oversight, the new measure will attract more foreign investment into Saudi Arabia's evolving real estate market. Related Topics: Saudi Real Estate Smashes Records in 24 Months RFF 2025 in Riyadh: Shaping Real Estate Future Interview: ROSHN Group's Role in Shaping Saudi Arabia's Real Estate Future Short link : Post Views: 25 Related Stories
Saudi Gazette
2 days ago
- Saudi Gazette
Saudi Arabia approves digital ID use for non-resident foreigners to own property
Saudi Gazette report RIYADH — Saudi Arabia's Cabinet has approved the use of a digital ID to enable non-Saudi, non-resident foreigners to own property in the Kingdom. The General Real Estate Authority will coordinate with the Ministry of Interior, the Saudi Data and Artificial Intelligence Authority (SDAIA), the National Information Center, and other relevant bodies to develop mechanisms for activating the digital ID. The move aims to allow its use ahead of the implementation of the Non-Saudi Real Estate Ownership Law. The Cabinet also endorsed a decision by the Strategic Committee of the Council of Economic and Development Affairs on governance for non-Saudi property ownership and usufruct rights, including forming a committee within the authority's board to oversee these matters. The board of the General Real Estate Authority has been restructured under its CEO's chairmanship, with members from several ministries, government bodies, and three private-sector representatives. In July, the Cabinet approved the Non-Saudi Real Estate Ownership Law, which will take effect in January 2026. Last month, the authority also released a draft of the law's executive regulations, requiring non-resident foreigners to obtain and activate a digital ID via the Absher platform, open a Saudi bank account, and secure a local contact number before acquiring or using property.
Arab News
2 days ago
- Arab News
Buraidah Date Carnival draws crowds of farmers, shoppers and traders
BURAIDAH: The Buraidah Date Carnival has drawn farmers, shoppers, and date traders from across the Kingdom and Gulf Cooperation Council countries. Hundreds of tonnes of dates were sold, led by Sukkari, which is very popular in the Qassim region. Khalas, Suqai, Wannana, Barhi, Shaqra, Majdool, Hoshaniyya and other varieties are also in high demand among shoppers. According to official carnival statistics, the market displayed more than 100 varieties of dates daily from Qassim farms. The carnival included economic and social opportunities for the local community, as well as marketing opportunities for farmers and date traders. The annual event is seeing significant growth and providing opportunities to farmers. A quality control team monitors all incoming dates to check if the fruits abide by consumer standards. The carnival showcases the work of young men and women in the industry, and offers a diverse lineup of events, programs, activities, and exhibitions focused on dates and their byproducts, with the participation of various governmental, social and charitable organizations.
