In October 2024, Saudi Arabia’s trade balance saw significant growth, with a surplus of SR 20.769 billion, a 30 percent increase from the previous month. The Kingdom’s total international trade volume reached SR 164.794 billion, showing a two percent growth compared to September. Merchandise exports contributed SR 92.782 billion, while imports accounted for SR 72.012 billion. Non-oil exports in October were approximately SR 19.413 billion, representing 21 percent of total exports, while oil exports amounted to SR 67.399 billion, making up 72.6 percent. Re-exports totaled SR 5.968 billion, comprising 6.4 percent of the total.
Asian countries, excluding Arab and Islamic nations, were the top destination for Saudi merchandise exports, accounting for 52.2 percent of the total, valued at SR 48.409 billion. Gulf Cooperation Council (GCC) countries ranked second with 13.1 percent of the total, with SR 12.157 billion, followed by the European Union with 13 percent, amounting to SR 12.071 billion. China emerged as the leading destination for Saudi exports in October 2024, representing 16.1 percent of total exports. India ranked second with SR 8.793 billion, representing 9.5 percent, and Japan placed third with SR 8.703 billion, representing 9.4 percent.
Non-oil exports, including re-exports, passed through 33 customs ports via sea, land, and air routes, with a total initial value of SR 25.382 billion. King Fahd Industrial Port in Jubail recorded the highest value among all transportation ports, handling SR 3.775 billion, or 15 percent of the total. The increase in trade balance and total trade volume is indicative of the Kingdom’s strong economic performance and its strategic position in the global market.
The growth in Saudi Arabia’s trade balance and total trade volume in October 2024 reflects the Kingdom’s resilience and strength in the face of global economic challenges. With a surplus of SR 20.769 billion, a 30 percent increase from the previous month, Saudi Arabia’s trade position remains robust. The total international trade volume reached SR 164.794 billion, marking a two percent growth from September, showcasing the Kingdom’s ability to navigate fluctuating market conditions effectively. Merchandise exports contributed significantly to the total trade volume, with SR 92.782 billion, while imports accounted for SR 72.012 billion, demonstrating the Kingdom’s strong presence in the global trade arena.
Asian countries emerged as the leading destination for Saudi merchandise exports, with countries excluding Arab and Islamic nations accounting for 52.2 percent of the total, valued at SR 48.409 billion. Gulf Cooperation Council (GCC) countries ranked second with 13.1 percent of the total, followed by the European Union with 13 percent. China, India, and Japan were the top three individual countries for Saudi exports in October, highlighting the diversified export destinations of the Kingdom. The strong performance of non-oil exports, including re-exports, further cements Saudi Arabia’s position as a key player in the global trade landscape.
The transportation of non-oil exports, including re-exports, through 33 customs ports via sea, land, and air routes further emphasizes Saudi Arabia’s logistical advantages and infrastructure capabilities. King Fahd Industrial Port in Jubail recorded the highest value among all transportation ports, handling SR 3.775 billion, showcasing the efficiency and capacity of Saudi Arabia’s key transport hubs. The Kingdom’s strategic location and investment in transportation infrastructure play a crucial role in facilitating trade and enhancing its competitiveness in the global market.
Overall, Saudi Arabia’s trade performance in October 2024 underscores the Kingdom’s economic resilience and capacity to adapt to evolving market dynamics. With a growing trade surplus and total trade volume, Saudi Arabia continues to strengthen its position as a key player in the global economy. By focusing on diversifying export destinations and enhancing transportation capabilities, the Kingdom is well-positioned to capitalize on new opportunities and overcome challenges in the international trade landscape.
