Saudi trade balance reaches SR28 billion surplus in November

Preliminary data from the General Authority for Statistics (GASTAT) reveals that Saudi Arabia’s trade balance boasted a surplus of SR27.83 billion in November 2023, marking a significant milestone in the Kingdom’s international trade endeavors. The total volume of trade reached SR162.128 billion during this period.

Of this total, merchandise exports accounted for SR94.98 billion, while merchandise imports amounted to SR67.148 billion. Notably, the Kingdom’s national non-oil exports contributed SR17.755 billion, comprising 18.7 percent of the total exports.

Petroleum exports constituted a significant portion, reaching SR72.391 billion, representing 76.2 percent of total exports. Re-exports also played a role, amounting to approximately SR4.833 billion, making up 5.1 percent of total exports during November.

In terms of exporting countries, the group of Asian countries (excluding Arab and Islamic nations) emerged as the top exporters to the Kingdom, accounting for 56.3 percent of total merchandise exports with a value of SR53.433 billion. Following closely, the Gulf Cooperation Council (GCC) countries contributed SR10.769 billion, representing 11.3 percent of the total exports, while European Union countries reached SR10.32 billion, constituting 10.9 percent of the total merchandise exports.

Analyzing specific country-wise exports, China claimed the top spot as the largest exporting country, contributing 17 percent of the Kingdom’s total merchandise exports, valued at SR16.103 billion. Japan followed with SR10.453 billion (11 percent), and India with SR10.292 billion (10.8 percent) in November 2023.

The initial value of Saudi Arabia’s non-oil exports, including re-exports passing through 30 sea, land, and air ports, amounted to SR22.588 billion. Notably, King Fahd Industrial Port in Jubail emerged as the highest contributor among various ports, boasting a value of SR3.429 billion or 15.2 percent of the total non-oil exports.