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Saudi Trade Surplus Grows to $5.5 Billion in October 2024

The Kingdom's total international trade volume reached SAR164.7 billion ($43.8 billion) in October. Asharq Al-Awsat
The Kingdom's total international trade volume reached SAR164.7 billion ($43.8 billion) in October. Asharq Al-Awsat
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Saudi Trade Surplus Grows to $5.5 Billion in October 2024

The Kingdom's total international trade volume reached SAR164.7 billion ($43.8 billion) in October. Asharq Al-Awsat
The Kingdom's total international trade volume reached SAR164.7 billion ($43.8 billion) in October. Asharq Al-Awsat

Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR20.7 billion ($5.5 billion) in October 2024, according to the Kingdom’s recently released global trade bulletin.

This marks an increase of over SAR4 billion ($1.06 billion) from SAR15.9 billion ($4.2 billion) in the previous month of September.

The Kingdom's total international trade volume reached SAR164.7 billion ($43.8 billion) in October, reflecting a 2% growth, amounting to SAR2.5 billion ($690.1 million) compared to nearly SAR162.2 billion ($43.1 billion) in September.

Merchandise exports contributed around SAR92.7 billion ($24.7 billion) to the total trade volume, while imports accounted for nearly SAR72 billion ($19.2 billion).
Non-oil exports in October totaled approximately SAR19.4 billion ($5.1 billion), representing 21% of total exports.

Meanwhile, oil exports amounted to around SAR67.3 billion ($17.9 billion), constituting 72.6% of total exports, and re-exports totaled nearly SAR5.9 billion ($1.5 billion), making up 6.4%.

In a related development, Asian countries, excluding Arab and Islamic nations, remained the top destination for Saudi merchandise exports, accounting for 52.2% of the total, valued at SAR48.4 billion ($12.9 billion).

Gulf Cooperation Council (GCC) countries ranked second with 13.1% of the total, with SAR12.1 billion ($3.2 billion), followed by the European Union with 13%, amounting to SAR12 billion ($3.2 billion).
By individual country, China was the leading destination for Saudi exports in October 2024, representing 16.1% of total exports, amounting to SAR14.9 billion ($3.9 billion).

India ranked second with SAR8.7 billion ($2.3 billion), representing 9.5%, and Japan placed third with SAR8.7 billion ($2.3 billion), representing 9.4%.
Non-oil exports, including re-exports, passed through 33 customs ports via sea, land, and air routes, with a total initial value of SAR25.3 billion ($6.7 billion).

Notably, King Fahd Industrial Port in Jubail recorded the highest value among all transportation ports, handling SAR3.7 billion ($1 billion), or 15% of the total.

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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.