Saudi trade balance achieves over SAR43 billion surplus

F.P. Report

RIYADH: Saudi Arabia’s trade balance achieved a surplus of SAR43.735 billion in September 2023, according to Saudi Arabia’s recent preliminary international trade data, making it the third largest monthly surplus of the year; it had reached its highest level in April and its second highest in February.

Saudi Arabia’s international trade reached SAR163.911 billion in September, with commodity exports accounting for SAR103.823 billion and commodity imports for SAR60.088 billion.

The group of Asian countries, excluding Arab and Islamic countries, topped the countries that the Kingdom of Saudi Arabia exports to, receiving 55.03% of the total Saudi commodity exports, at a value of SAR57.129 billion.

The group of EU countries came second, receiving 11.2 percent of the total Saudi commodity exports, at a value of SAR11.582 billion, while the group of Gulf Cooperation Council countries came third, receiving 11.1% of the total Saudi commodity exports whose value stood at SAR11.536 billion.

As for exports, China ranked first, as the largest country receiving Saudi exports in September, which made up 18.3% of the total Saudi commodity exports, at a value of SAR18.992 billion, while Japan was second, receiving goods worth SAR11.374 billion, accounting for approximately 11% of the total Saudi commodity exports.

South Korea came in third, receiving goods worth SAR10.247 billion, accounting for 9.9% of the total Saudi commodity exports.

The initial value of non-oil exports, including re-exports, stood at SAR20.701 billion; these were exported through 32 customs crossings, of which King Fahd Industrial Port recorded the highest value of non-oil exports for September, at a total value of SAR3.254 billion. (APP)