Saudi Arabia’s trade surplus soars to $12 Billion, reveals GASTAT report!

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Saudi Arabia’s general authority of statistics reported a SAR 44bn ($1111.73bn) surplus for September 2023.

In August, the trade surplus got a boost. Exporting goods brought in SAR 104 billion, and imports were at SAR 70 billion. Even though exports stayed the same, the positive change led to a SAR 30 billion surplus, according to the statistics body.

In September 2023, the total value of merchandise Saudi Arabia sold to other countries went down by 17.1% compared to September 2022. It dropped from SAR 125.3 billion to SAR 103.8 billion. The main reason for this decrease was a drop in the amount of money earned from selling oil, which went from SAR 100.3 billion in September 2022 to SAR 83.1 billion in September 2023”, shared by GASTAT their latest trade report.

The report shows that most of the money Saudi Arabia makes from selling t selling oil to other countries is a bit more than before. But the money from other types of exports, like exports being sold again (re-exports), went down by 17.2%.

Looking at ports, the Jeddah Islamic Sea Port saw imports valued at SAR 14.5 billion in September 2023, making up 24.1% of the total. Other major entry points for imports were King Abdulaziz Sea Port in Dammam (19.6%), King Khalid International Airport in Riyadh (11.0%), Ras Tanura Sea Port (6.6%), and King Fahad International Airport in Dammam (6.4%). Together, these five ports accounted for 67.8% of all merchandise imports in Saudi Arabia.

Source of all the tables below: General Authority for Statistics

Source by: Gulfnews

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