Saudi Arabia’s trade surplus exceeds over 13% to reach $26.13 bln in Q2 2024

Posted on August 30, 2024   |  

Saudi Arabia’s trade surplus reached SR98.36 billion in Q2 2024, the highest for the year, up 13.2% from SR86.873 billion in Q1 2024.

The country’s total international trade exceeded SR490.657 billion, with merchandise exports amounting to SR294.51 billion, making up 60% of the trade.

Merchandise imports were SR196.144 billion, while non-oil domestic exports totaled SR51.400 billion, or 17.5% of total exports.

Petroleum exports were SR220.784 billion, representing 75% of total exports, and re-exports reached SR22.327 billion, or 7.6% of the total.

The Asian group (excluding Arab and Islamic countries) was the top importer, receiving SR147.622 billion worth of Saudi goods, or 50.1% of total exports.

The European Union was the second-largest importer, accounting for 15.6% of total goods exports with SR46.010 billion, followed by the Gulf Cooperation Council (GCC) at 13.3% with SR39.198 billion.

China was the largest single importer, buying SR47.588 billion of Saudi goods (16.2% of total exports), followed by South Korea with SR26.408 billion (9%), and Japan with SR25.950 billion (8.8%).