Saudi Arabia achieves trade balance surplus of SAR30.4 bn in October

 

 

Riyadh, Dec. 27 (BNA): The Kingdom of Saudi Arabia’s trade balance recorded a significant financial surplus of SAR 30.401 billion, according to the recent data from the International Trade October 2023 report. This surplus contributed to the overall international trade value of the Kingdom, which reached SAR 178.210 billion.

 

 As per the report, in October 2023, merchandise exports reached SAR 104.306 billion, constituting a significant portion of the total trade volume. Meanwhile, imports amounted to SAR73.904 billion. Among the Asian countries outside the Arab and Islamic nations, Saudi Arabia emerged as the leading exporter in October, accounting for 58.8% of Saudi merchandise exports valued at SAR 61.367 billion, Saudi Press Agency (SPA) reported.

 

 The Gulf Cooperation Council (GCC) countries secured the second position as the largest exporting group, accounting for 9.9% of the total Saudi merchandise exports, with a value of SAR 10.334 billion. The European Union countries followed closely in third place, representing 9.2% of the total Saudi merchandise exports, with a value of SAR9.631 billion.

 

 Regarding country-specific exports, China took the lead as the largest destination for Saudi Arabia’s exports, accounting for 18.7% of total Saudi exports, with a value of SAR 19.545 billion. Japan followed closely in second place, with SAR 12.259 billion (11.8% of total exports), while India claimed the third spot with SAR 10.190 billion, representing 9.8% of total exports. The Republic of Korea ranked fourth, with SAR 10.033 billion (9.6%), and the United Arab Emirates secured the fifth position with SAR 5.069 billion, accounting for 4.9% of total Saudi exports.

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 Non-oil exports, including re-exports, traversed through 32 different customs ports, encompassing sea, land, and air routes, with an initial value of SAR 22.028 billion. Among the various ports and means of transportation, King Fahad Industrial Port in Jubail stood out with the highest value, reaching SAR4.231 billion, representing 19.2% of total non-exports.

 

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