The General Authority for Statistics (GASTAT) preliminary data shows that Saudi Arabia's trade surplus in April 2024 was SR41.411 billion ($11 billion), the biggest surplus for the year thus far.
Saudi Arabia's Record Trade Surplus in April 2024
According to preliminary foreign trade figures issued by the General Authority for Statistics (GASTAT), the Kingdom of Saudi Arabia had its greatest trade surplus to date in April 2024, totaling SR41.411 billion ($11 billion).
Compared to March of the same year, the trade surplus saw a significant monthly growth of 36 percent, with an increase of SR10.967 billion ($2.9 billion) from the previous surplus of SR30.443 billion ($8.1 billion). Since the beginning of the year, the trade balance has grown by more than 48.5 percent, totaling SR13.525 billion ($3.6 billion) from January's balance of SR27.885 billion ($7.4 billion).
Saudi Arabia's total international trade surpassed SR162 billion ($43.2 billion) in April 2024, with goods exports amounting to SR101.708 billion ($27.1 billion), comprising 63 percent of the total trade volume. Imports of goods reached SR60.297 billion ($16.1 billion). Non-oil domestic exports in April totaled SR16.234 billion ($4.3 billion), accounting for 16 percent of the total exports.
The bulk of Saudi Arabia's exports consisted of oil, amounting to SR79.326 billion ($21.1 billion), or 78 percent of the total exports, while re-exports were valued at SR6.147 billion ($1.6 billion), representing 6 percent of the total exports.
Among the importing countries, those in the Asian group (excluding Arab and Islamic countries) were the largest, accounting for 50.2 percent of Saudi Arabia's total goods exports, totaling SR51.094 billion ($13.6 billion). The European Union followed with 16.5 percent, amounting to SR16.757 billion ($4.5 billion), and the Gulf Cooperation Council (GCC) countries accounted for 12.4 percent with SR12.562 billion ($3.3 billion) in goods exports.
Top export destinations
China emerged as the largest importer of Saudi goods in April 2024, accounting for 16.6 percent of total exports with SR16.925 billion ($4.5 billion). Japan followed closely with SR9.321 billion ($2.5 billion) and a 9.2 percent share, while India ranked third with SR8.25 billion ($2.2 billion) and an 8.1 percent share of total goods exports.
Non-oil exports, including re-exports, were processed through 29 diverse customs outlets and ports (sea, land, and air), amounting preliminarily to SR22.382 billion ($6 billion). Among these outlets, King Fahd Industrial Port in Jubail recorded the highest value at SR3.594 billion ($958 million), constituting 16.1 percent of the total non-oil exports.
These statistics underscore Saudi Arabia's robust international trade performance in April 2024, driven by significant exports to key global markets and a notable surplus, reflecting ongoing economic dynamics and trade relations.
