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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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Lebanon Extends Deadline for Licensing Round for Offshore Oil, Gas Fields

A motorbike drives past buildings destroyed during previous Israeli military fire on the southern Lebanese village of Aita al-Shaab, near the border with northern Israel on June 29, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (Photo by AFP)
A motorbike drives past buildings destroyed during previous Israeli military fire on the southern Lebanese village of Aita al-Shaab, near the border with northern Israel on June 29, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (Photo by AFP)
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Lebanon Extends Deadline for Licensing Round for Offshore Oil, Gas Fields

A motorbike drives past buildings destroyed during previous Israeli military fire on the southern Lebanese village of Aita al-Shaab, near the border with northern Israel on June 29, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (Photo by AFP)
A motorbike drives past buildings destroyed during previous Israeli military fire on the southern Lebanese village of Aita al-Shaab, near the border with northern Israel on June 29, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (Photo by AFP)

Lebanon's energy ministry has extended a deadline for companies to bid for exploration rights for offshore oil and gas fields in its third licensing round until March next year, the Lebanese Petroleum Administration said on Monday.

The government originally set a deadline of July 3, 2024 for bidding in the licensing round for nine maritime blocks, which was launched in January.

The Lebanese Petroleum Administration said the deadline had been extended to March 17, 2025 to provide enough time to monitor "accelerating regional and international developments," find ways of attracting more interest from companies and "work towards achieving economic stability."

The statement did not mention the ongoing hostilities between the Israeli military and Hezbollah, which have been trading fire for more than eight months in parallel with the Gaza war.

An industry source told Reuters that the exchanges of fire had been a major factor in the decision to extend the deadline.

Lebanon has extended previous licensing rounds repeatedly, in some cases because there had been no applications.

Lebanon formally delineated its maritime border with Israel in October 2022 after years of US-mediated talks. It had hoped this would pave the way for an influx of bids for oil and gas exploration in its waters.

But the recent border conflict has resurrected fears that a full-scale war could break out, and Hezbollah chief Hassan Nasrallah made threats about the Mediterranean in a recent speech.