- Saudi Arabia’s trade balance achieved a surplus of SR 98.36 billion in Q2 2024, marking a 13.2 percent increase compared to the previous quarter.
- Total international trade reached SR 490.657 billion, with merchandise exports totaling SR 294.51 billion, making up 60 percent of the overall trade.
- China was the largest importer of Saudi goods, with a share of 16.2 percent, followed by South Korea and Japan.
- King Fahd Industrial Port in Jubail handled the highest value of non-oil exports, totaling SR 11.202 billion.
Saudi Arabia’s trade balance achieved a significant surplus of SR 98.36 billion in the second quarter of 2024, marking the highest level recorded this year. This growth reflects a 13.2 percent increase compared to the first quarter’s surplus of SR 86.873 billion.
The trade surplus rose by SR 11.495 billion, signaling strong economic performance amid global market fluctuations. These insights are based on preliminary international trade data released by the General Authority for Statistics (GASTAT).
Overview of International Trade Performance
The Kingdom’s total international trade volume reached SR 490.657 billion during the second quarter. Merchandise exports dominated, amounting to SR 294.51 billion, which constituted 60 percent of the overall trade. On the other hand, merchandise imports stood at SR 196.144 billion.
Notably, non-oil domestic exports contributed SR 51.4 billion, representing 17.5 percent of total exports. Petroleum exports remained a key driver, reaching SR 220.784 billion, accounting for 75 percent of overall exports, while re-exports totaled SR 22.327 billion, contributing 7.6 percent.
Key Trade Partners and Regional Breakdown
According to GASTAT, the Asian group of countries (excluding Arab and Islamic nations) emerged as Saudi Arabia’s leading trading partners. They accounted for 50.1 percent of the Kingdom’s total goods exports, valued at SR 147.622 billion.
The European Union ranked second, making up 15.6 percent of total exports, amounting to SR 46.010 billion. The Gulf Cooperation Council (GCC) countries followed closely, representing 13.3 percent of exports, valued at SR 39.198 billion.
Top Importing Countries
Among individual countries, China continued to be Saudi Arabia’s largest importer, accounting for 16.2 percent of the Kingdom’s total exports, valued at SR 47.588 billion.
South Korea was the second-largest importer, contributing SR 26.408 billion, or 9 percent of total exports. Japan ranked third with imports valued at SR 25.950 billion, representing 8.8 percent of the Kingdom’s goods exports.
Non-Oil Exports and Transportation Channels
Non-oil exports, including re-exports, passed through 34 customs outlets across various sea, land, and airports.
The preliminary value of these exports stood at SR 73.728 billion. Among the transport channels, King Fahd Industrial Port in Jubail led with the highest value, handling SR 11.202 billion, which accounted for 15.2 percent of all non-oil exports.
Strategic Economic Growth
Saudi Arabia’s impressive trade performance in Q2 2024 highlights the Kingdom’s growing role as a global trade hub. The continued rise in petroleum exports and expanding non-oil sectors showcase the resilience and diversification of the Saudi economy.
With strategic partnerships in Asia, Europe, and the GCC, the Kingdom remains well-positioned to strengthen its trade network and further boost its economic growth in the coming quarters.
This strong trade surplus reflects the success of Saudi Arabia’s economic strategies, emphasizing export growth and diversification as key pillars of Vision 2030.
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Last Updated on August 27, 2024 by Safiya K
