Saudi Arabia Achieves Record Trade Surplus Of Over SAR41 Billion In April 2024

The Kingdom of Saudi Arabia's trade balance recorded a surplus of SAR41.411 billion in April 2024, marking the highest level this year, as per preliminary data from the General Authority for Statistics (GASTAT). This represents a 36% monthly growth and an increase of SAR10.967 billion compared to March's surplus of SAR30.443 billion.

Since January, the trade balance has grown by over 48.5%, with an increase of SAR13.525 billion from SAR27.885 billion. The Kingdom's total international trade surpassed SAR162 billion, with goods exports reaching SAR101.708 billion, making up 63% of total trade, while goods imports stood at SAR60.297 billion.

Oil exports were significant, amounting to SAR79.326 billion and representing 78% of total exports in April 2024. Non-oil domestic exports reached SAR16.234 billion, accounting for 16% of total exports, while re-exports were valued at SAR6.147 billion, making up 6% of total exports.

The Asian group of countries, excluding Arab and Islamic nations, was the top importer group, accounting for 50.2% of Saudi Arabia's total goods exports with a value of SAR51.094 billion. The European Union followed with 16.5%, valued at SAR16.757 billion, and the Gulf Cooperation Council (GCC) countries were third with 12.4%, valued at SAR12.562 billion.

China emerged as the largest importer in April 2024, accounting for 16.6% of Saudi Arabia's total goods exports with a value of SAR16.925 billion. Japan was next with a share of 9.2%, valued at SAR9.321 billion, followed by India with an 8.1% share and a value of SAR8.250 billion.

Non-oil exports, including re-exports, passed through various customs outlets and ports (sea, land, and air), totalling a preliminary value of SAR22.382 billion in April 2024.

Leading Transport Outlets

King Fahd Industrial Port in Jubail achieved the highest export value among all transport means and outlets, recording a value of SAR3.594 billion or 16.1% of the total non-oil export value.

This data highlights the robust growth in Saudi Arabia's trade balance and its significant oil export contributions to overall trade figures.

With inputs from SPA