Riyadh, Saudi Arabia – Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion ($5.6 billion) in October 2024, according to the Kingdom’s recently released global trade bulletin. This marks an increase of over SAR 4 billion ($1.08 billion) from SAR 15.999 billion ($4.32 billion) in September.
The Kingdom’s total international trade volume reached SAR 164.794 billion ($43.51 billion) in October, reflecting a 2% growth (SAR 2.594 billion / $692 million) compared to SAR 162.200 billion ($42.81 billion) in September. Merchandise exports contributed SAR 92.782 billion ($24.05 billion) to the total trade volume, while imports accounted for SAR 72.012 billion ($19.46 billion).
Non-oil exports in October totaled approximately SAR 19.413 billion ($5.24 billion), representing 21% of total exports. Meanwhile, oil exports amounted to SAR 67.399 billion ($17.86 billion), constituting 72.6% of total exports, and re-exports totaled SAR 5.968 billion ($1.61 billion), making up 6.4%.
Asian countries (excluding Arab and Islamic nations) remained the top destination for Saudi merchandise exports, accounting for 52.2% of the total, valued at SAR 48.409 billion ($12.93 billion). Gulf Cooperation Council (GCC) countries ranked second with 13.1% of the total (SAR 12.157 billion / $3.28 billion), followed by the European Union with 13% (SAR 12.071 billion / $3.26 billion).
By individual country, China was the leading destination for Saudi exports in October 2024, representing 16.1% of total exports. India ranked second with SAR 8.793 billion ($2.37 billion) (9.5%), and Japan placed third with SAR 8.703 billion ($2.35 billion) (9.4%).
Non-oil exports, including re-exports, passed through 33 customs ports via sea, land, and air routes, with a total initial value of SAR 25.382 billion ($6.85 billion). Notably, King Fahd Industrial Port in Jubail recorded the highest value among all transportation ports, handling SAR 3.775 billion ($1.02 billion), or 15% of the total.