Saudi trade surplus soars to $11.6bln in September

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RIYADH — Saudi Arabia’s trade balance reported a substantial surplus of SR43.735 billion in September 2023, marking the third-highest monthly surplus of the year.

Notably, it reached its peak in April and the second-highest in February.

The Kingdom’s international trade for September amounted to SR163.911 billion, with commodity exports contributing SR103.823 billion and commodity imports at SR60.088 billion.

Among the export destinations, Asian countries (excluding Arab and Islamic nations) took the lead, accounting for 55.03% of total Saudi commodity exports, equivalent to SR57.129 billion.

EU countries followed closely, securing 11.2% of total exports at SR11.582 billion, while the Gulf Cooperation Council countries ranked third, receiving 11.1% of total exports valued at SR11.536 billion.

China emerged as the top recipient of Saudi exports in September, comprising 18.3% of the total at SR18.992 billion.

Japan claimed the second spot with goods worth SR11.374 billion, representing around 11% of total Saudi commodity exports.

South Korea secured the third position, receiving goods valued at SR10.247 billion, accounting for 9.9% of total Saudi commodity exports.

The initial value of non-oil exports, including re-exports, reached SR20.701 billion, facilitated through 32 customs crossings.

King Fahd Industrial Port recorded the highest value of non-oil exports for September, totaling SR3.254 billion, constituting 15.7% of total exports.