Saudi Arabia’s trade balance reached in April 2024 a record surplus of SAR41.411 billion ($11.03 billion), according to preliminary data from the General Authority for Statistics (GASTAT). This represents a 36 percent increase compared to the surplus of SAR30.443 billion ($8.1 billion) recorded in March of the same year, and a 48.5 percent growth since the start of the year.
The Kingdom’s total international trade exceeded SAR162 billion, with goods exports reaching SAR101.708 billion, accounting for 63 percent of total trade. Also, goods imports amounted to SAR60.297 billion. Non-oil domestic exports were SAR16.234 billion, representing 16 percent of total exports, while oil exports were SAR79.326 billion, or 78 percent of total exports. Re-exports reached SAR6.147 billion, making up 6 percent of total exports.
#GASTAT Publishes International Trade Report for April 2024.
— الهيئة العامة للإحصاء (@Stats_Saudi) June 24, 2024
Top destinations for Saudi exports
In terms of trade partners, the Asian group of countries (excluding Arab and Islamic countries) was the largest destination for Saudi exports, accounting for 50.2 percent of total goods exports, or SAR51.094 billion. Furthermore, the European Union and the Gulf Cooperation Council (GCC) countries were the second and third largest export destinations, with shares of 16.5 percent (SAR16.757 billion) and 12.4 percent (SAR12.562 billion), respectively.
Major individual export destinations
Additionally, among individual countries, China was the largest importer of Saudi goods, accounting for 16.6 percent of total exports (SAR16.925 billion), followed by Japan (9.2 percent or SAR9.321 billion) and India (8.1 percent or SAR8.250 billion).
Read more: Saudi Arabia’s crude oil exports hit 9-month high, reaching 6.413 million bpd in March
Transport of non-oil exports
Non-oil exports, including re-exports, were transported through 29 different customs outlets and ports (sea, land, and air), with a total value of SAR22.382 billion. Moreover, the King Fahd Industrial Port in Jubail recorded the highest value among all outlets, at SAR3.594 billion, or 16.1 percent of the total.
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