Saudi Arabia Achieves Record Trade Surplus of $41.4 Billion in April 2024

KSA, 28 June, 2024 : Saudi Arabia reported a trade surplus of SAR41.4 billion ($11 billion) in April 2024, marking the highest level so far this year, according to preliminary data released by the General Authority for Statistics (GASTAT).

The surplus reflects a 36% increase from March 2024, with SAR10.967 billion more than the previous month's surplus of SAR30.443 billion. Since January, the trade balance has grown by over 48.5%, starting at SAR27.885 billion.

Total international trade for the kingdom exceeded SAR162 billion, with goods exports reaching SAR101.708 billion, comprising 63% of total trade. Goods imports amounted to SAR60.297 billion.

Non-oil domestic exports in April reached SAR16.234 billion, accounting for 16% of total exports, while oil exports totaled SAR79.326 billion, representing 78%. Re-exports were valued at SAR6.147 billion, making up 6% of total exports.

In terms of export destinations, Asian countries outside the Arab and Islamic regions led with 50.2% of total goods exports, amounting to SAR51.09 billion. The European Union followed with 16.5% (SAR16.757 billion), and the GCC countries ranked third with 12.4% (SAR12.562 billion).

China emerged as the largest importer of Saudi goods, accounting for 16.6% of total exports at SAR16.925 billion, followed by Japan with SAR9.321 billion (9.2%), and India with SAR8.250 billion (8.1%).

Non-oil exports, including re-exports, passed through 29 customs outlets and ports, amounting to SAR22.382 billion. King Fahd Industrial Port in Jubail led with SAR3.594 billion, comprising 16.1% of the total.

The significant surplus underscores Saudi Arabia's robust position in international trade, driven largely by oil exports and strengthened economic ties with key global markets.

Source : www.zawya.com