Riyadh, January 3, 2025 – Saudi Arabia's trade balance has demonstrated impressive growth, with the Kingdom’s surplus soaring by 30% month-on-month in October 2024, as reported in the latest global trade bulletin. The surplus reached SAR 20.769 billion, a notable increase of more than SAR 4 billion from September's figure of SAR 15.999 billion, reflecting the continued strength of Saudi Arabia’s international trade activities.
In terms of total trade volume, Saudi Arabia’s international trade reached SAR 164.794 billion in October, marking a 2% growth compared to the previous month (SAR 162.200 billion). This growth was driven by robust exports, which accounted for SAR 92.782 billion, while imports totaled SAR 72.012 billion. The Kingdom’s trade balance continued to benefit from strong export performance, particularly in the oil sector.
Breaking down the export figures, Saudi Arabia’s non-oil exports in October amounted to SAR 19.413 billion, making up 21% of total exports. Oil exports, on the other hand, totaled SAR 67.399 billion, accounting for a dominant 72.6% of the Kingdom's total exports. Re-exports also contributed to the trade surplus, amounting to SAR 5.968 billion, or 6.4% of total exports.
In terms of regional trade patterns, Asian countries (excluding Arab and Islamic nations) remained the leading destination for Saudi merchandise exports, receiving 52.2% of the total export value, equivalent to SAR 48.409 billion. Gulf Cooperation Council (GCC) countries ranked second, accounting for 13.1% of total exports, valued at SAR 12.157 billion. The European Union followed closely in third place with 13% of the total, amounting to SAR 12.071 billion.
Focusing on individual countries, China emerged as the top destination for Saudi exports in October 2024, receiving 16.1% of the Kingdom's total exports, valued at SAR 14.793 billion. India followed as the second-largest importer, receiving SAR 8.793 billion, or 9.5% of total exports, while Japan ranked third with SAR 8.703 billion, or 9.4% of total exports.
The movement of non-oil exports, including re-exports, passed through 33 customs ports via various transportation routes, including sea, land, and air. These ports collectively handled a total initial value of SAR 25.382 billion in non-oil exports. Notably, King Fahd Industrial Port in Jubail recorded the highest value of exports through any single port, with a total of SAR 3.775 billion, representing 15% of the total value.
This surge in trade activity highlights Saudi Arabia’s growing presence in global markets and its strategic importance as a key player in international trade. The Kingdom’s continued focus on diversifying its export base, expanding non-oil exports, and enhancing trade routes underscores the effectiveness of its economic diversification strategies, in alignment with the objectives of Vision 2030.