Saudi Arabia’s trade balance recorded a surplus of SR41.41 billion ($11 billion) in April 2024, reaching its highest levels during the current year, achieving 36% growth on a monthly basis, a report said.

According to preliminary data on international trade released by the General Authority for Statistics (Gastat), there has been an increase of SR10.967 billion in April compared to the surplus of SR30.443 billion achieved in the previous month of March, the Saudi Gazette said.

The trade balance has achieved growth since the beginning of the current year by more than 48.5%, with an increase value of SR13.525 billion, as it was at the level of SR27.885 billion during the month of January.

The volume of Saudi international trade amounted to more than SR162 billion, with merchandise exports accounted for SR101.708 billion, representing 63% of the total trade volume, while merchandise imports amounted to SR60.297 billion.

National non-oil exports recorded a value of about SR16.234 billion in April 2024, representing 16% of total exports. Petroleum exports recorded a value of about SR79.326 billion, constituting 78% of total exports, while the value of re-exports amounted to about SR6.147 billion, representing six percent of total exports.

The group of Asian countries other than Arab and Islamic countries topped the groups of exporting countries in April, accounting for 50.2% of the total merchandise exports to the kingdom, with a value of SR51.094 billion.

The group of European Union countries came as second largest group of exporting countries with a percentage of 16.5% of the total merchandise exports, with a value amounting to SR16.757 billion.

The group of Gulf Cooperation Council (GCC) states came third, accounting for 12.4 percent of total merchandise exports, with a value amounting to SR12.562 billion.

With regard to exports by country wise, the authority report stated that China came in the first place as the largest exporting country, accounting for 16.6% of total merchandise exports to Saudi Arabia, with a value of SR16.925 billion in April 2024.

Japan came second with a value of SR9.321 billion or 9.2% of the total merchandise exports, and India stood third with a value of SR8.250 billion, representing 8.1% of total merchandise exports.