RIYADH — Saudi Arabia's trade balance recorded a 30 percent monthly growth, achieving a surplus of SR 20.769 billion in October 2024, according to the Kingdom's recently released global trade bulletin. This marks an increase of over SR 4 billion from SR 15.999 billion in the previous month of September. The Kingdom's total international trade volume reached SR 164.794 billion in October, reflecting a two percent growth, amounting to SR2.594 billion, compared to SR 162.200 billion in September. Merchandise exports contributed SR 92.782 billion to the total trade volume, while imports accounted for SR 72.012 billion. Non-oil exports in October totaled approximately SR 19.413 billion, representing 21 percent of total exports. Meanwhile, oil exports amounted to SR 67.399 billion, constituting 72.6 percent of total exports, and re-exports totaled SR 5.968 billion, making up 6.4 percent. Asian countries, excluding Arab and Islamic nations, remained the top destination for Saudi merchandise exports, accounting for 52.2 percent of the total, valued at SR 48.409 billion. Gulf Cooperation Council (GCC) countries ranked second with 13.1 percent of the total, with SR 12.157 billion, followed by the European Union with 13 percent, amounting to SR 12.071 billion. By individual country, China was the leading destination for Saudi exports in October 2024, representing 16.1 percent of total exports. India ranked second with SR 8.793 billion, representing 9.5 percent, and Japan placed third with SR 8.703 billion, representing 9.4 percent. Non-oil exports, including re-exports, passed through 33 customs ports via sea, land, and air routes, with a total initial value of SR 25.382 billion. Notably, King Fahd Industrial Port in Jubail recorded the highest value among all transportation ports, handling SR 3.775 billion, or 15 percent of the total.
