Saudi Trade Surplus Hits $26.21 Billion in Q2 2024

Saudi Arabia's trade surplus surged to $26.21 billion in the second quarter of 2024, marking a 13.2% increase from the previous quarter. This growth reflects the Kingdom's robust export performance, driven largely by petroleum exports, which accounted for 75% of total exports, valued at approximately $58.84 billion.

Non-oil exports also played a significant role, with domestic non-oil exports reaching $13.71 billion. The Kingdom's strategic focus on diversifying its export portfolio continues to yield results, bolstering its trade position amid global economic fluctuations.

China remains Saudi Arabia's largest trading partner, accounting for 16.2% of the Kingdom's total goods exports. Other major export destinations include South Korea and Japan, which contributed 9% and 8.8% of total exports, respectively. The Asian region, excluding Arab and Islamic nations, dominated Saudi exports, receiving over 50% of the Kingdom’s total goods.

Saudi Arabia's commitment to enhancing its trade infrastructure was evident in the performance of its 34 customs outlets, particularly King Fahd Industrial Port in Jubail, which recorded the highest export value among all transportation modes.

The Kingdom’s economic outlook remains positive, supported by these strong trade figures, reflecting its ongoing efforts to strengthen its economic resilience and global trade partnerships.
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