Saudi Arabia's trade balance recorded a surplus of SA 98.36 bn ($26.13 bn) in the second quarter of 2024, marking its highest level this year, the General Authority for Statistics (GASTAT) reported on August 27.

The surplus grew 13.2% quarter-on-quarter, increasing by SA 11.495 bn from SA 86.873 bn in Q1 2024.

Total international trade exceeded SA 490.657 bn ($130.84 bn), with merchandise exports totaling SA 294.51 bn ($78.53 bn), accounting for 60% of overall trade. Merchandise imports amounted to SA 196.144 bn ($52.31 bn).

Non-oil domestic exports reached SA 51.400 bn ($13.71 bn), representing 17.5% of total exports. Petroleum exports hit SA 220.784 bn ($58.88 bn), accounting for 75% of total exports, while re-exports totaled SA 22.327 bn ($5.95 bn), or 7.6% of total exports.

Asian countries, excluding Arab and Islamic nations, were the top importers, accounting for 50.1% of Saudi exports at SA 147.622 bn ($39.37 bn). The European Union followed with 15.6% at SA 46.010 bn ($12.27 bn), and Gulf Cooperation Council countries third at 13.3% with SA 39.198 bn ($10.45 bn).

China remained the largest individual importer, taking 16.2% of Saudi exports at SA 47.588 bn ($12.69 bn), followed by South Korea at 9% with SA 26.408 bn ($7.04 bn), and Japan at 8.8% with SA 25.950 bn ($6.92 bn).

Non-oil exports, including re-exports, totalled SA 73.728 bn ($19.66 bn), with King Fahd Industrial Port in Jubail handling the highest value at SA 11.202 bn ($2.99 bn), or 15.2% of the total.