Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s trade balance declined 8 percent in April to reach a SAR22.2 billion ($5.9 billion) surplus. Imports declined 3.1 percent while exports fell 4.6 percent. The drop in exports was mainly due to non-oil exports which fell 12.6 percent while oil exports were comparatively stable. April’s decline in exports reflects lower demand in China, Japan, and the U.A.E.
- The total value of U.S.-Saudi merchandise trade rose 0.4 percent to reach SAR8.3 billion ($2.2 billion) in April. Saudi Arabia’s trade balance with the U.S. returned to a surplus as oil deliveries to the U.S. and India picked up while demand in Asia slowed. Saudi exports to the U.S. rose 25 percent while imports of U.S. goods fell 18 percent during the month. The U.S. ranked as the fifth largest export destination for Saudi goods and its third largest source of imports.
- Saudi Arabia issued 145,700 building permits in 2020, according to the Ministry for Municipal and Rural Affairs. Riyadh accounted for 25 percent of the total permits, followed by the Asir region and Qassim region with 10 percent each.
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