Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s total exports increased by 1 percent MoM (+82 percent YoY) during the month of November to a sum of SAR107 billion ($28.5 billion). Imports rose 5.5 percent (+1.4 percent YoY) during the same period, totaling SAR49.4 billion ($13.2 billion). The Kingdom’s trade balance dropped 2.6 percent MoM but surged by 474 percent YoY, totaling SAR57.6 billion ($15.4 billion) in November.
- Saudi exports to the U.S. rose 30.7 percent MoM (+205 percent YoY) while imports from the U.S. also increased 29.4 percent MoM (+20.3 percent YoY) in November. The U.S. ranked as the second largest source of imports into the Kingdom while also remaining the fifth largest source of exports.
- Non-oil exports increased by 11.1 percent MoM (+26.1 percent YoY) in the month November to SAR22.3 billion ($5.9 billion), excluding re-exports of SAR3.69 billion ($9.83 million), marking the highest level of Saudi non-oil exports on record. Meanwhile, oil exports dropped 1.3 percent MoM (+113 percent YoY) with a total value of $81.3 billion ($21.7 billion).