Saudi Arabia nets $1.8bln trade surplus in non-oil trade with GCC in Q2

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Saudi Arabia's non-oil trade balance with Gulf Cooperation Council (GCC) countries recorded a significant surplus during the second quarter (Q2) of 2024, reaching SR6.776 billion ($1.8 billion).

This represents a remarkable annual growth of approximately 600% compared to the same period in 2023, when the surplus stood at SR1.033 billion, according to preliminary data from the General Authority for Statistics' international trade report.

Total non-oil commodity exports, including both national exports and re-exports, amounted to SR24.392 billion, an annual growth of 31%. This marks an increase of SR5.765 billion compared to the second quarter of 2023, which recorded SR18.627 billion in exports, a Saudi Press Agency (SPA) report said.

Total commodity exports

Meanwhile, total commodity imports for the same period amounted to SR17.616 billion.

Breaking down the non-oil commodity exports, including re-exports, among GCC countries, the UAE led with exports valued at SR15.070 billion, accounting for approximately 61.8% of the total.

Bahrain followed in second place with SR5.792 billion, representing 23.7% of the total. Kuwait ranked third with SR1.823 billion, making up 7.5% of the total. Oman came in fourth with SR965 million, accounting for 4%, and Qatar was fifth with SR741 million, representing 3% of the total.--TradeArabia News Service