Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s exports rose 6 percent MoM (+77 percent YoY) in September to reach SAR94.7 billion ($25.3 billion) as crude output reached the highest levels since April 2020. Imports declined 11 percent (+9 percent YoY) and totaled SAR45.8 billion ($12.2 billion). The Kingdom’s trade surplus rose 30 percent MoM (+329 YoY) in September to SAR48.8 billion ($13 billion).
- U.S.-Saudi goods trade declined 3.6 percent MoM (+55 percent YoY) in September, totaling SAR9.2 billion ($2.5 billion). Saudi exports to the U.S. rose 28 percent while imports fell 26 percent. The U.S. was the Kingdom’s second largest source of imports and its fifth largest export market, according to the General Authority for Statistics (GAStat). China remained Saudi Arabia’s largest trading partner for both exports and imports.
- Non-oil exports from Saudi Arabia rose 10 percent (+38 YoY) to SAR25.3 billion ($6.7 billion) in September, largely due to a record level of re-exports at SAR5.6 billion ($1.5 billion). Excluding re-exports, non-oil goods fell 3 percent MoM but was the third highest month post-pandemic. Oil exports meanwhile rose 4.8 percent MoM (+98 percent YoY), totaling SAR69.4 billion ($18.5 billion).