JobXDubai

The Kingdom of Saudi Arabia has reached a significant milestone in its trade performance, with a surplus of SR41.411bn ($11bn) in April 2024. This figure represents the highest level so far this year, according to the preliminary international trade data released by the General Authority for Statistics (GASTAT).

Monthly Growth and Year-to-Date Performance

The trade balance shows a 36% monthly growth, with an increase of SR10.967bn ($2.9bn) compared to the surplus of SAR30.443bn ($8.1bn) posted in March of the same year. Since the beginning of the year, the trade balance has grown by more than 48.5%, with an increase of SR13.525bn ($3.6bn), as it stood at SR27.885bn ($7.4bn) in January.

Total International Trade and Export Composition

Saudi Arabia’s total international trade exceeded SR162bn ($43.2bn), with goods exports reaching SR101.708bn ($27.1bn), accounting for 63% of total trade. Goods imports reached SR60.297bn ($16.1bn). Non-oil domestic exports amounted to SR16.234bn ($4.3bn) in April 2024, representing 16% of total exports.

Top Export Destinations and Countries

In April 2024, the Asian group of countries, excluding Arab and Islamic countries, topped the group of importing countries, accounting for 50.2% of the Saudi Arabia’s total goods exports, with a value of SR51.094bn ($13.6bn). The European Union group of countries was second, accounting for 16.5% of total goods exports, with a value of SR16.757bn ($4.5bn).

Country-wise Breakdown:

• China was the largest importer, accounting for 16.6% of the Saudi Arabia’s total goods exports, with a value of SR16.925bn ($4.5bn) in April 2024.
• Japan followed with a value of SR9.321bn ($2.5bn) and a share of 9.2% of total goods exports.
• India was third as the largest importer, with a value of SR8.25bn ($2.2bn) and a share of 8.1% of total goods exports.

Non-oil exports, including re-exports, passed through 29 diverse customs outlets and ports (sea, land, and air), with a preliminary value of SR22.382bn ($6bn). King Fahd Industrial Port in Jubail achieved the highest value among all available means of transport and different outlets, with a value of SR3.594bn ($958m), or 16.1% of the total.

This significant growth in trade surplus is a positive indicator of Saudi Arabia’s economic performance, and its increasing importance as a global trade partner.