Saudi Arabia’s trade balance reached a surplus of SR41.41 billion in April 2024, the highest level for the year so far, with a 36 percent growth from the previous month. The General Authority for Statistics (GASTAT) released preliminary data showing an increase of SR10.967 billion compared to March, bringing the total surplus to SR30.443 billion. The trade balance has seen a growth of over 48.5 percent since the beginning of the year, reaching SR27.885 billion in January.
The total volume of Saudi international trade exceeded SR162 billion in April, with merchandise exports accounting for SR101.708 billion, representing 63 percent of the total trade volume. Meanwhile, merchandise imports amounted to SR60.297 billion. National non-oil exports in April reached about SR16.234 billion, making up 16 percent of total exports. Petroleum exports stood at SR79.326 billion, constituting 78 percent of total exports, while re-exports totaled SR6.147 billion, representing six percent of total exports.
In terms of exporting countries, the group of Asian countries other than Arab and Islamic countries led the way in April, accounting for 50.2 percent of merchandise exports to Saudi Arabia at a value of SR51.094 billion. Following closely behind was the European Union countries with a share of 16.5 percent and a value of SR16.757 billion. The Gulf Cooperation Council (GCC) states came third, representing 12.4 percent of total merchandise exports with a value of SR12.562 billion.
China was the top exporting country to Saudi Arabia in April, accounting for 16.6 percent of total merchandise exports with a value of SR16.925 billion. Japan followed in second place with a value of SR9.321 billion, making up 9.2 percent of total exports, while India stood third with a value of SR8.250 billion, representing 8.1 percent of total merchandise exports. The initial value of non-petroleum exports, including re-exports, transited through 29 customs ports via sea, land, and air routes, totaling SR22.382 billion. King Fahd Industrial Port in Jubail led the way with a value of SR 3.594 billion, making up 16.1 percent of total re-exports.
Overall, the April 2024 trade balance for Saudi Arabia showed significant growth compared to previous months, with a surplus of SR41.41 billion. The increase in trade volume and value of both merchandise exports and imports signify a positive trend for the country’s international trade. With the majority of exports coming from Asian countries, particularly China, the diversification of trading partners is important for Saudi Arabia’s economic stability. Additionally, the high percentage of petroleum exports highlights the country’s reliance on this sector for revenue generation.
Despite the challenges posed by the global economic landscape, Saudi Arabia’s trade balance remains robust and continues to show growth. The data from April 2024 indicates a strong performance in terms of trade surplus and volume, with non-oil exports also contributing significantly to the overall balance. By focusing on diversifying their export markets and reducing dependence on petroleum exports, Saudi Arabia can enhance its resilience to external economic shocks and strengthen its position in the global trade arena.
Moving forward, it will be crucial for Saudi Arabia to continue monitoring and analyzing its international trade data to identify areas for improvement and strategic growth. By investing in sectors beyond petroleum and nurturing trade relationships with a diverse range of countries, Saudi Arabia can further boost its trade balance and contribute to its overall economic development. The positive trend shown in the April 2024 trade balance figures reflects the country’s efforts to enhance its competitiveness and adaptability in the ever-evolving global market.
