Other BriefingsSaudi Arabia’s Trade Surplus Reaches US$26.13 Billion in Q2 2024, Setting a New High
Saudi Arabia recorded a significant trade surplus of SAR 98.36 billion (US$26.13 billion) in the second quarter of 2024, marking the highest level of the year. This represents a strong quarterly growth of 13.2 percent, an increase of SAR 11.495 billion compared to the SAR 86.873 billion surplus reported in the first quarter, according to preliminary data from the General Authority for Statistics (GASTAT).
Robust merchandise export growth
Saudi Arabia’s international trade in Q2 2024 totaled SAR 490.657 billion, with merchandise exports leading the way at SAR 294.51 billion, or 60 percent of the total trade volume. The Kingdom’s export strength continues to be driven largely by its petroleum sector, with oil exports reaching SAR 220.784 billion, accounting for 75 percent of total exports.
In addition to its dominant petroleum exports, Saudi Arabia’s non-oil domestic exports contributed SAR 51.400 billion, representing 17.5 percent of the total. Re-exports also played a vital role, adding SAR 22.327 billion to the export figures, making up 7.6 percent of the total exports.
On the import side, Saudi Arabia brought in goods worth SAR 196.144 billion, reflecting the Kingdom’s active engagement in global trade and its ongoing economic diversification efforts.
Key trade partners and export destinations
The GASTAT report highlighted that Asian countries – excluding Arab and Islamic nations – were the largest recipients of Saudi exports, accounting for 50.1 percent of the Kingdom’s total goods exports, valued at SAR 147.622 billion. This underscores the strong trade ties between Saudi Arabia and the broader Asian region.
The European Union emerged as the second-largest market, receiving 15.6 percent of Saudi exports, valued at SAR 46.010 billion. The Gulf Cooperation Council (GCC) countries ranked third, with exports totaling SAR 39.198 billion, representing 13.3 percent of the Kingdom’s total exports.
Among individual countries, China was the top importer of Saudi goods, accounting for 16.2 percent of the Kingdom’s total exports, valued at SAR 47.588 billion. South Korea followed, importing SAR 26.408 billion worth of goods, or 9 percent of the total, while Japan was the third-largest importer, with SAR 25.950 billion, making up 8.8 percent of Saudi Arabia’s total exports.
Non-oil exports and strategic re-exports
Saudi Arabia’s non-oil exports, including re-exports, were significant in the second quarter, with a preliminary value of SAR 73.728 billion. These exports passed through 34 customs outlets and various sea, land, and airports, highlighting the Kingdom’s logistical capabilities.
King Fahd Industrial Port in Jubail was the leading point for non-oil exports, handling SAR 11.202 billion worth of goods, which accounted for 15.2 percent of the total non-oil export value. This port’s strategic importance is evident in its role as a key hub for Saudi Arabia’s expanding non-oil trade.
Economic outlook
Saudi Arabia’s record trade surplus in Q2 2024 reflects the Kingdom’s robust economic strategy and its successful efforts to strengthen and diversify its global trade relationships. The significant growth in exports, particularly to major markets in Asia and Europe, aligns with Saudi Arabia’s Vision 2030 goals of reducing dependency on oil and expanding its economic base.
As Saudi Arabia continues to enhance its infrastructure and broaden its export portfolio, the Kingdom is well-positioned for sustained trade growth, further solidifying its status as a pivotal player in the global economy.
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