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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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Euro Zone Business Growth Slowed Sharply in June

A worker at German manufacturer of silos and liquid tankers, Feldbinder Special Vehicles, welds aluminium at the company's plant in Winsen, Germany, July 10, 2018. REUTERS/Fabian Bimmer/ File Photo Purchase Licensing Rights
A worker at German manufacturer of silos and liquid tankers, Feldbinder Special Vehicles, welds aluminium at the company's plant in Winsen, Germany, July 10, 2018. REUTERS/Fabian Bimmer/ File Photo Purchase Licensing Rights
TT
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Euro Zone Business Growth Slowed Sharply in June

A worker at German manufacturer of silos and liquid tankers, Feldbinder Special Vehicles, welds aluminium at the company's plant in Winsen, Germany, July 10, 2018. REUTERS/Fabian Bimmer/ File Photo Purchase Licensing Rights
A worker at German manufacturer of silos and liquid tankers, Feldbinder Special Vehicles, welds aluminium at the company's plant in Winsen, Germany, July 10, 2018. REUTERS/Fabian Bimmer/ File Photo Purchase Licensing Rights

 

Overall business growth across the euro zone slowed sharply last month as a solid expansion in the bloc's dominant services industry failed to offset a further deterioration in manufacturing, a survey showed on Wednesday, Reuters reported.

HCOB's composite Purchasing Managers' Index for the currency union, compiled by S&P Global and seen as a good gauge of overall economic health, dropped to 50.9 in June from May's 12-month high of 52.2.

It was just above a preliminary 50.8 estimate and the fourth consecutive month above the 50 mark separating growth from contraction.

"Growth in the euro zone can be attributed fully to the service sector. While the manufacturing sector weakened considerably in June, activity growth in the services sector continued to be nearly as robust as the month before," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.

The services PMI dipped to 52.8 last month from 53.2 but was ahead of the 52.6 flash estimate.

Manufacturing activity across the bloc took a turn for the worse last month as demand fell at a much faster pace despite factories cutting their prices, a sister survey showed on Monday.

Falling demand for manufactured goods, alongside slower growth for services, meant the composite new business index slumped below breakeven for the first time since February, registering 49.4 compared to May's 51.6. The flash reading was 49.2.

That was despite the European Central Bank delivering a widely predicted cut to interest rates last month. It is expected to cut again in September and December, according to a Reuters poll.

Strong wage data and still sticky price pressures have increased uncertainties around the rationale for more cuts but both input and output cost pressures eased, according to the PMI.

Charges levied by services firms rose at the slowest pace in over three years. The output prices index fell to 53.5 from 54.2.

"The ECB ... is getting some support for this decision from the HCOB Services PMI price indices," de la Rubia added.

"Looking forward, the ECB will remain cautious, as the price increases are still way above pre-pandemic averages and still unusually high given the fragile state of the economy."