Saudi Arabia’s trade balance reached a surplus of SAR98.368 billion in the second quarter of 2024, the highest level recorded this year. This marks a quarterly growth of 13.2%, with an increase of SAR11.495 billion compared to the first quarter surplus of SAR86.873 billion, according to preliminary international trade data released by the General Authority for Statistics (GASTAT).
Context and Background
This robust trade surplus reflects the Kingdom’s strong economic performance, driven by its diversified export base and strategic global partnerships. Total international trade surpassed SAR490.657 billion in Q2 2024, with merchandise exports totaling SAR294.512 billion, accounting for 60% of overall trade. Merchandise imports stood at SAR196.144 billion, indicating a healthy trade position for the Saudi economy as it continues to modernize under Vision 2030.
Key Export Details
Petroleum exports remained a cornerstone, reaching SAR220.784 billion and representing 75% of total exports. Non-oil domestic exports contributed SAR51.400 billion, accounting for 17.5% of the total, while re-exports were valued at SAR22.327 billion, or 7.6% of total exports. This diversification highlights Saudi Arabia’s progress in expanding non-oil sectors, a key pillar of its long-term economic strategy.
International and Regional Trade Dynamics
The Asian group of countries, excluding Arab and Islamic nations, was the top importer of Saudi goods, accounting for 50.1% of total exports at SAR147.622 billion. The European Union followed with 15.6% (SAR46.010 billion), and the Gulf Cooperation Council (GCC) ranked third with 13.3% (SAR39.198 billion). China led by country, importing 16.2% of exports worth SAR47.588 billion, with the Republic of Korea (9%, SAR26.408 billion) and Japan (8.8%, SAR25.950 billion) as other major partners. These figures underscore Saudi Arabia’s pivotal role in global trade corridors.
Logistics and Infrastructure
Non-oil exports, including re-exports, passed through 34 customs outlets and ports, with a preliminary value of SAR73.728 billion. King Fahd Industrial Port in Jubail recorded the highest value across all ports and transport modes, handling SAR11.202 billion, or 15.2% of the total. This highlights the efficiency of Saudi Arabia’s logistics infrastructure in supporting trade flows.
Vision 2030 Alignment
The steady growth in Saudi Arabia’s trade surplus, particularly in non-oil sectors, directly supports Vision 2030’s goals of economic diversification and global integration. By strengthening trade ties with key partners in Asia, Europe, and the GCC, and enhancing port infrastructure, the Kingdom is building a resilient economy poised for sustainable growth. This quarter’s performance affirms Saudi Arabia’s trajectory toward becoming a leading global trade hub and investment destination.
20 Questions
Q1. What was Saudi Arabia’s trade surplus in Q2 2024?
A1. Saudi Arabia’s trade balance reached a surplus of SAR98.368 billion in the second quarter of 2024, according to data from the General Authority for Statistics (GASTAT).
Q2. How did the Q2 2024 surplus compare to the first quarter?
A2. The Q2 2024 surplus marked a 13.2% quarterly growth, increasing by SAR11.495 billion from the SAR86.873 billion surplus recorded in Q1 2024.
Q3. What was the total value of Saudi Arabia’s international trade in Q2 2024?
A3. Total international trade surpassed SAR490.657 billion, with merchandise exports at SAR294.512 billion and imports at SAR196.144 billion.
Q4. What share of total trade did merchandise exports represent?
A4. Merchandise exports accounted for 60% of total trade, valued at SAR294.512 billion in the second quarter of 2024.
Q5. How much were non-oil domestic exports worth?
A5. Non-oil domestic exports reached SAR51.400 billion, representing 17.5% of total exports for the second quarter of 2024.
Q6. What was the value of petroleum exports in Q2 2024?
A6. Petroleum exports totaled SAR220.784 billion, accounting for 75% of the Kingdom’s total exports in the second quarter.
Q7. What were re-exports valued at?
A7. Re-exports amounted to SAR22.327 billion, which was 7.6% of total exports in the second quarter of 2024.
Q8. Which region was the top importer of Saudi goods?
A8. The Asian group of countries, excluding Arab and Islamic countries, was the top importer, accounting for 50.1% of total goods exports.
Q9. What was the value of exports to the Asian group?
A9. Exports to the Asian group of countries, excluding Arab and Islamic nations, reached SAR147.622 billion in Q2 2024.
Q10. Which country was the largest importer of Saudi goods?
A10. China was the largest single-country importer, accounting for 16.2% of total goods exports, valued at SAR47.588 billion.
Q11. How much did South Korea import from Saudi Arabia?
A11. The Republic of Korea imported goods worth SAR26.408 billion, representing a 9% share of total Saudi exports in Q2 2024.
Q12. What was Japan’s share of Saudi exports?
A12. Japan imported SAR25.950 billion worth of goods, accounting for 8.8% of total Saudi exports in the second quarter of 2024.
Q13. Which port handled the highest value of non-oil exports?
A13. King Fahd Industrial Port in Jubail recorded the highest value, handling SAR11.202 billion, or 15.2% of total non-oil exports.
Q14. How many customs outlets processed non-oil exports?
A14. Non-oil exports passed through 34 customs outlets, including sea, land, and air ports, in the second quarter of 2024.
Q15. What was the total value of non-oil exports including re-exports?
A15. The preliminary value of non-oil exports, including re-exports, was SAR73.728 billion in the second quarter of 2024.
Q16. Which organization released the trade data?
A16. The trade data was released by the General Authority for Statistics (GASTAT), the official statistical body of Saudi Arabia.
Q17. How does this trade surplus align with Vision 2030?
A17. The surplus supports Vision 2030’s economic diversification goals by highlighting growth in non-oil exports and strengthening global trade ties.
Q18. What was the share of the European Union group of countries?
A18. The European Union group accounted for 15.6% of total goods exports, with a value of SAR46.010 billion in Q2 2024.
Q19. What was the GCC’s share of exports?
A19. The Gulf Cooperation Council group of countries accounted for 13.3% of total goods exports, valued at SAR39.198 billion.
Q20. When was this data released?
A20. The data was released on August 26, 2024, by GASTAT, covering preliminary international trade figures for the second quarter of 2024.
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