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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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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.