Saudi Arabia’s trade balance witnessed a 30 percent month-on-month growth, achieving a surplus of SAR20.769 billion ($5.5 billion) in October 2024, as reported by the Kingdom’s latest global trade bulletin. This represents an increase of over SAR4 billion compared to the surplus of SAR15.999 billion recorded in September.
International trade volume
In October, the total volume of international trade for the Kingdom reached SAR164.794 billion ($43.9 billion), reflecting a 2 percent rise (SAR2.594 billion) from SAR162.200 billion in September. Merchandise exports contributed SAR92.782 billion to this total, while imports accounted for SAR72.012 billion.
Non-oil and oil exports
In terms of non-oil exports, October saw a total of approximately SAR19.413 billion, which represents 21 percent of all exports. On the other hand, oil exports reached SAR67.399 billion, making up 72.6 percent of total exports, with re-exports totaling SAR5.968 billion, or 6.4 percent.
Export destinations
Asian countries, excluding Arab and Islamic nations, remained the primary destination for Saudi merchandise exports, representing 52.2 percent of the total, valued at SAR48.409 billion. The Gulf Cooperation Council (GCC) nations followed, accounting for 13.1 percent of the total (SAR12.157 billion), and the European Union came in third with 13 percent (SAR12.071 billion).
Leading countries for exports
When considering individual nations, China emerged as the leading destination for Saudi exports in October 2024, comprising 16.1 percent of total exports. India was the second-largest destination with SAR8.793 billion (9.5 percent), while Japan ranked third with SAR8.703 billion (9.4 percent).
Customs ports and trade routes
Non-oil exports, including re-exports, passed through 33 customs ports via various sea, land, and air routes, with an initial total value of SAR25.382 billion. Moreover, King Fahd Industrial Port in Jubail recorded the highest value among all transportation ports, handling SAR3.775 billion, which accounts for 15 percent of the total.
