Saudi Arabia's trade balance recorded a significant surplus of SAR30.401 billion ($8.11 billion) in October, according to data from the International Trade October 2023 report. 

 

This surplus contributed to the overall international trade value of the kingdom, which reached SAR178.210 billion ($47.52 billion), a Saudi Press Agency report said.

 

As per the report, in October 2023, merchandise exports reached SAR104.306 billion and imports amounted to SAR73.904 billion. 

 

Asian countries outside the Arab and Islamic nations took the first position for Saudi exports, accounting for 58.8% of Saudi merchandise exports valued at SAR61.367 billion.

 

The GCC countries came in second, accounting for 9.9% of the total Saudi merchandise exports, with a value of SAR10.334 billion. The European Union countries followed closely in third place, receiving 9.2% of the total Saudi merchandise exports, with a value of SAR9.631 billion.

 

In terms of country-specific exports, China took the lead as the largest destination for Saudi Arabia's exports, accounting for 18.7% of total exports from the kingdom, with a value of SAR19.545 billion. Japan followed closely in second place, with SAR12.259 billion (11.8% of total exports), while India claimed the third spot with SAR10.190 billion, representing 9.8% of total exports. South Korea ranked fourth, with SAR10.033 billion (9.6%), and the UAE secured the fifth position with SAR5.069 billion, accounting for 4.9% of total Saudi exports.

 

Non-oil exports, including re-exports, traversed through 32 different customs ports, encompassing sea, land, and air routes, with an initial estimated value of SAR22.028 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.