Saudi Arabia's trade surplus hit SAR98.368 billion ($26.22 billion) in the second quarter of 2024, reaching its highest level during the current year, according to data released by the General Authority for Statistics (GASTAT). 

 

The figure represents a quarterly growth of 13.2%, with an increase of SAR11.495 billion compared to a surplus of SAR86.873 billion in the first quarter of this year, a Saudi Press Agnecy report said.

 

The kingdom's international trade surpassed SAR490.657 billion, with merchandise exports totaling SAR294.512 billion, comprising 60% of the overall trade. Merchandise imports amounted to SAR196.144 billion. Non-oil domestic exports reached SAR51.4 billion, accounting for 17.5% of the total exports.

 

Petroleum exports reached SAR220.784 billion, accounting for 75% of total exports, while re-exports amounted to SAR22.327 billion, representing 7.6% of total exports.

 

The Asian group of countries, excluding Arab and Islamic countries, topped the group of importing countries, accounting for 50.1% of the kingdom's total goods exports, with a value of SAR147.622 billion. The European Union group of countries was second, accounting for 15.6% of total goods exports, with a value of SAR46.01 billion. The Gulf Cooperation Council (GCC) countries was third, accounting for 13.3% of total goods exports, with a value of SAR39.198 billion.

 

In terms of exports by country, China was the largest importer, accounting for 16.2% of the kingdom's total goods exports, with a value of SAR47.588 billion, while South Korea followed with a value of SAR26.408 billion and a share of 9% of the total goods exports. Japan was the third-largest importer, with a value of SAR25.950 billion and a share of 8.8% of total goods exports.

 

Non-oil exports, including re-exports, passed through 34 customs outlets and ports (sea, land, and air), with a preliminary value of SAR73.728 billion. King Fahd Industrial Port in Jubail saw the highest value among all available means of transport and different ports, with a value of SAR11.202 billion, or 15.2% of the total, it said.