Saudi Arabia’s non-oil trade surplus with Gulf Cooperation Council (GCC) countries surged to SR6.776 billion ($1.8 billion) in Q2 2024. This represents a remarkable 600% increase from SR1.033 billion in the same period of 2023. The General Authority for Statistics’ (GASTAT) Q2 international trade report reveals this impressive growth.
Surge in Non-Oil Commodity Exports
The GASTAT said that total non-oil commodity exports, including both national exports and re-exports, reached SR24.392 billion in Q2 2024. This marks a 31% increase from SR18.627 billion in Q2 2023. The data highlights a significant rise in export activities within the region.
Saudi Arabia’s non-oil sector has seen significant growth in August, according to Riyad Bank’s Purchasing Managers Index (PMI). This growth is the first since February. Improved business conditions were driven by increased employment and efforts to expand operating capacity.
PMI and Business Activity
The PMI rose to 54.8 in August, up from 54.4 in July. This reflects an expansion in business activity within the Kingdom’s non-oil private sector. Purchasing activity and stock levels surged due to stronger business expectations and a slight increase in new orders. The PMI measures New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%), and Stocks of Purchases (10%).
Imports and Export Breakdown
Total commodity imports for Q2 2024 amounted to SR17.616 billion. Among non-oil commodity exports to GCC countries, the UAE led with SR15.070 billion, accounting for 61.8% of the total. Bahrain followed with SR5.792 billion, representing 23.7%. Kuwait ranked third with SR1.823 billion (7.5%), Oman fourth with SR965 million (4%), and Qatar fifth with SR741 million (3%).
Saudi Arabia’s Strong Trade Performance
The substantial increase in Saudi Arabia’s non-oil trade with GCC countries underscores its growing economic strength. The Kingdom is expanding trade partnerships and investing in various sectors. This positions Saudi Arabia to further solidify its role as a regional economic powerhouse.
