The Kingdom’s non-oil exports (including re-exports) saw a 10.5% YoY leap during the second quarter of 2024 to reach about SAR 73.7 billion.
A Decline in Oil Exports
Data from the General Authority for Statistics showed that total exports decreased by 0.2% from April to June, amounting to around SAR 295 billion.
This was driven by a 3.19% YoY fall in oil exports to approximately SAR 221 billion, compared to about 228.3 billion riyals in the same period the year before.
So what
The surplus in the Saudi trade balance declined in the second quarter of the year to about SAR 98.4 billion (USD 26 billion), compared to approximately SAR 104.7 billion during the same period in 2023.
Some context
China retained its position as KSA’s largest merchandise importer, accounting for 16.6% of June’s volumes. Japan trailed second at 10.5%.
India, the UAE, and the US were among the top 10 countries to which exports were made.
China also ranked “first” in terms of the top exporter to Saudi Arabia, holding a 20.9% share of total Saudi imports in June.
