Surging Saudi Trade Surplus Hits Record High: What’s Driving the Growth?

Saudi Arabia’s Trade Balance Surges by 30% in October 2024

In a recent global trade bulletin released by Saudi Arabia, the Kingdom’s trade balance witnessed a remarkable 30 percent monthly growth, achieving a surplus of SR 20.769 billion in October 2024. This surge marks a significant increase from the previous month, showcasing the country’s robust international trade performance.

The Story So Far

The Kingdom’s total international trade volume reached SR 164.794 billion in October, indicating a two percent growth compared to the previous month. With merchandise exports contributing significantly to the total trade volume, Saudi Arabia continues to strengthen its position in the global market.

A Quick Synopsis

In October 2024, Saudi Arabia saw a substantial increase in its trade balance, recording a surplus of SR 20.769 billion. This growth is a testament to the Kingdom’s thriving international trade relations and strategic economic initiatives.

Detailed Review

Trade Volume Breakdown:

• Merchandise exports: SR 92.782 billion
• Imports: SR 72.012 billion

  Export Composition:

• Non-oil exports: SR 19.413 billion
• Oil exports: SR 67.399 billion
• Re-exports: SR 5.968 billion

  Top Export Destinations:

  1. Asian countries (excluding Arab and Islamic nations): SR 48.409 billion
  2. Gulf Cooperation Council (GCC) countries: SR 12.157 billion
  3. European Union: SR 12.071 billion

     Key Export Markets:

  4. China: 16.1% of total exports
  5. India: SR 8.793 billion
  6. Japan: SR 8.703 billion

     Transportation Ports:

• 33 customs ports facilitated non-oil exports, including re-exports
• King Fahd Industrial Port in Jubail recorded the highest value, handling SR 3.775 billion

  Conclusion

  The surge in Saudi Arabia’s trade balance in October 2024 reflects the Kingdom’s growing presence in the global market. With a focus on diversifying exports and strengthening trade relations, Saudi Arabia continues to enhance its economic standing on the world stage.

  Frequently Asked Questions

  1. What contributed to the significant growth in Saudi Arabia’s trade balance in October 2024?
     • The growth can be attributed to increased merchandise exports and strategic trade partnerships.
  2. Which countries are the top destinations for Saudi exports?
     • Asian countries, GCC nations, and the European Union are key markets for Saudi exports.
  3. How does the composition of non-oil exports compare to oil exports in October?
     • Non-oil exports accounted for 21% of total exports, while oil exports constituted 72.6%.
  4. Which transportation port handled the highest value of exports in October 2024?
     • King Fahd Industrial Port in Jubail recorded the highest export value of SR 3.775 billion.
  5. What role did re-exports play in Saudi Arabia’s trade balance in October?
     • Re-exports totaled SR 5.968 billion, contributing to 6.4% of total exports.
  6. Which sector dominated Saudi Arabia’s total trade volume in October?
     • Merchandise exports played a significant role, contributing SR 92.782 billion.
  7. How did the trade balance in October compare to the previous month’s performance?
     • The trade balance surged by 30% in October, achieving a surplus of SR 20.769 billion.
  8. What regions are included in the top export destinations for Saudi Arabia?
     • Asian countries, Gulf Cooperation Council nations, and the European Union are prominent export markets for Saudi Arabia.
  9. Which country emerged as the leading destination for Saudi exports in October 2024?
     • China led the way, representing 16.1% of total exports.
  10. What percentage of total exports did non-oil exports constitute in October?
      • Non-oil exports represented 21% of total exports, showcasing the Kingdom’s economic diversification efforts.

        Tags: Saudi Arabia, trade balance, international trade, exports, imports, economic growth.