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Saudi Arabia's Trade Surplus Hits Record High of Over SAR41.411 Billion

Saudi Arabia's Trade Surplus Hits Record High of Over SAR41.411 Billion
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Saudi Arabia's Trade Surplus Hits Record High of Over SAR41.411 Billion

Saudi Arabia's Trade Surplus Hits Record High of Over SAR41.411 Billion

Saudi Arabia’s trade balance reached a surplus of SAR41.411 billion in April 2024, which is the highest level so far this year, according to the preliminary international trade data released by the General Authority for Statistics (GASTAT) on Thursday.

The data shows a 36% monthly growth and an increase of SAR10.967 billion compared to the surplus of SAR30.443 billion posted in March of the same year. The trade balance has grown by over 48.5% since the beginning of the year, with an increase of SAR13.525 billion, as it stood at SAR27.885 billion in January.

The Kingdom's total international trade exceeded SAR162 billion, with goods exports reaching SAR101.708 billion, accounting for 63% of total trade. Goods imports reached SAR60.297 billion. Non-oil domestic exports amounted to SAR16.234 billion in April 2024, representing 16% of total exports. Oil exports amounted to SAR79.326 billion, accounting for 78% of total exports, while re-exports value reached SAR6.147 billion, representing 6% of total exports.

In April 2024, the Asian group of countries, excluding Arab and Islamic countries, topped the group of importing countries, accounting for 50.2% of the Kingdom's total goods exports, with a value of SAR51.094 billion. The European Union group of countries was second, accounting for 16.5% of total goods exports, with a value of SAR16.757 billion. The Gulf Cooperation Council (GCC) group of countries was third, accounting for 12.4% of total goods exports, with a value of SAR12.562 billion.

In terms of exports by country, China was the largest importer, accounting for 16.6% of the Kingdom's total goods exports, with a value of SAR16.925 billion in April 2024, while Japan followed with a value of SAR9.321 billion and a share of 9.2% of total goods exports. India was third as the largest importer, with a value of SAR8.250 billion and a share of 8.1% of total goods exports.

Non-oil exports, including re-exports, passed through 29 diverse customs outlets and ports (sea, land, and air), with a preliminary value of SAR22.382 billion. King Fahd Industrial Port in Jubail achieved the highest value among all available means of transport and different outlets, with a value of SAR3.594 billion, or 16.1% of the total.

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Gold Prices Dip as Markets Brace for 'Hawkish' Fed Tone

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola
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Gold Prices Dip as Markets Brace for 'Hawkish' Fed Tone

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola

Gold edged down on Tuesday as investors, having mostly priced in a Federal Reserve rate cut, looked ahead for clues that the US central bank might opt for a gentler-than-expected easing cycle when its two-day policy meeting begins later in the day.

Spot gold was down 0.3% to $4,174.91 per ounce, as of 0609 GMT. US gold futures for December delivery slipped 0.4% to $4,202.70 per ounce.

Investors are largely repositioning ahead of the Federal Reserve's policy meeting, OANDA senior market analyst Kelvin Wong said.

"Earlier in the month, Jerome Powell signalled hawkish rate-cut guidance during his press conference. So investors in the US Treasury market are adjusting their positions."

The benchmark US 10-year Treasury yields held near a 2-1/2-month peak hit on Monday, Reuters reported.

Analysts widely expect a "hawkish cut" this week accompanied by guidance and forecasts that signal a high threshold for further easing into next year.

Last week, data showed the US Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred inflation gauge, landed in line with expectations, while consumer sentiment improved in December.

Private payrolls for November recorded their sharpest drop in more than 2-1/2 years, but jobless claims fell to a three-year low for the week ended November 28.

Markets now assign an 89% probability of a quarter-point cut at the Fed's December 9–10 meeting, according to CME's FedWatch Tool.

Lower interest rates tend to favor non-yielding assets such as gold.

Meanwhile, silver fell 0.6% to $57.76 per ounce. The white metal hit a record high of $59.32 on Friday.

"Right now, silver is more of a higher-beta play among precious metals," Wong said, adding that low inventories, strong industrial demand, and expectations of Fed rate cuts are driving its momentum, pushing it into risk-on mode and outperforming gold.

Platinum lost 0.2% to $1,638.35, while palladium shed 0.4% to $1,459.78.

Business

Türkiye Cenbank Net Reserves Rose $5.5 billion Last Week, Bankers Say

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
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Türkiye Cenbank Net Reserves Rose $5.5 billion Last Week, Bankers Say

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas

The Turkish Central Bank's net reserves increased by around $5.5 billion last week, due to foreign currency buying and rising gold prices, according to bankers.

Calculations by four bankers showed that net reserves rose to almost $78 billion in the week ending December 5, with net reserves excluding swaps rising some $4.5 billion to $62.5 billion, Reuters reported.

The bankers said the central bank bought more than $3 billion last week, with more than $1 billion of the increase due to the gold price change.

The bank's total gross reserves increased by $3.3 billion to $186.5 billion last week, the bankers said.

Their calculations were based on the central bank's preliminary data, with official data to be released on Thursday.

Business

Non-Oil Activities Account for Half of Saudi Economic Growth Momentum

Photo of the Saudi capital (SPA) 
Photo of the Saudi capital (SPA) 
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Non-Oil Activities Account for Half of Saudi Economic Growth Momentum

Photo of the Saudi capital (SPA) 
Photo of the Saudi capital (SPA) 

The Saudi economy posted real growth of 4.8% in the third quarter of 2025 compared with the same period of the previous year, reflecting the Kingdom’s sustained economic momentum. Non-oil activities were the primary engine of expansion, while seasonally adjusted real GDP rose 1.4% from the second quarter of 2025.

According to the final data released by the General Authority for Statistics (GASTAT), the annual growth figure came in slightly below the flash estimate published last October, which had projected a 5% increase. Even so, it remains the strongest quarterly performance recorded in 2025.

Non-oil activities delivered the largest contribution to overall annual growth, adding 2.4 percentage points, or 50% of the total 4.8% expansion. This outpaced the contribution from oil activities, which added 2.0 percentage points. The Authority revised its estimate for non-oil growth downward to 4.3% (from 4.5% in the flash estimate), while slightly raising its estimate for oil-sector growth to 8.3% (from 8.2%) for the previous quarter.

This improvement coincided with the gradual ramp-up in oil production following the expiration of voluntary cuts by the OPEC+ alliance at the end of August. Saudi Arabia increased its output by approximately 547,000 barrels per day starting in September, followed by an additional 137,000 barrels per day from November onward.

Both government activities and net taxes on products made modest positive contributions of 0.2 percentage points each.

On a quarterly, seasonally adjusted basis, oil and non-oil activities contributed 0.8 and 0.3 percentage points, respectively.

All economic sectors recorded positive annual growth. Oil refining emerged as the fastest-growing activity in the third quarter, rising 11.9% year-on-year and 3.9% quarter-on-quarter. It was followed by crude oil and natural gas activities, which grew 7.3% annually and 3.2% quarterly. Electricity, gas, and water services also posted gains of 6.4% year-on-year and 1.0% quarter-on-quarter.

From the expenditure perspective, performance varied between annual and quarterly comparisons. Final private consumption increased 2.6% year-on-year, but slipped 0.6% from the previous quarter. Conversely, final government consumption declined 3.1% annually, while increasing 1.4% quarter-on-quarter.

Gross fixed capital formation fell 0.7% year-on-year, but rebounded strongly on a quarterly basis with a 6.2% increase, indicating a pickup in investment spending during the third quarter.

Regarding foreign trade, the overall performance was buoyed by a significant surge in exports, which climbed 18.4% year-on-year and 7.5% quarter-on-quarter, reflecting strong external demand for Saudi products. Imports rose 4.3% annually, but edged down 1.2% on a quarterly basis.