Saudi Arabia Macroeconomic Developments
- Saudi non-oil exports increased 15.6 percent YoY in January to reach SAR18.9 billion ($5 billion), according to official trade data. Total exports were down 13 percent YoY, totaling SAR71.9 billion ($19.2 billion), amid lower oil output. Top non-oil exports by value were plastics (+24 percent), chemical or allied products (+3 percent), and transportation equipment (+39 percent). Other fast-growing export segments from the Kingdom include precious or semi-precious metals (+51 percent) and textile articles (+39 percent).
- Merchandise trade between the U.S. and Saudi Arabia totaled SAR11.2 billion ($3 billion) during January. Saudi imports of U.S. goods rose 62 percent YoY, reaching a post-pandemic high of SAR8 billion ($2.1 billion). Saudi exports to the U.S. were down 30 percent YoY but more than doubled in January compared to the prior month. The U.S. was Saudi Arabia’s second largest source of imported goods behind China and its sixth largest export market.
- Saudi Arabia’s reserve assets declined SAR33.1 billion ($8.8 billion) in February to reach SAR1.65 trillion ($441.3 billion). The Kingdom reduced its holdings of foreign currency by 9 percent while raising its investments in foreign securities by 1.2 percent, the two largest segments of its foreign reserve assets.