Weekly Market Brief – 10/28/2022

Saudi Arabia Macroeconomic Developments

• Saudi Arabia’s trade surplus surged to SAR72.7 billion ($19.4 billion) in August of 2022 from SAR38.9 billion a year earlier, as soaring oil prices continued to boost exports. Total exports jumped 49.1 percent to SAR133.7 billion ($35.6 billion). Meanwhile, imports grew by 20 percent to SAR61 billion ($16.2 billion), led by purchases of machinery and mechanical appliances, electrical equipment, and transport equipment.

• Saudi Arabia’s non-oil exports increased by 16.6 percent to SAR26.8 billion ($7.13 billion) in August 2022, compared to SAR23 billion ($6.1 billion) from the same period last year, according to the latest data released by the General Authority for Statistics.

• Saudi Aramco will launch a SAR5.6 billion ($1.5 billion) sustainability fund to invest in stable and inclusive energy transition technology, announced its CEO Amin Nasser. The strategy on renewable energy seeks to reduce carbon by 55 million tons by 2025.