Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s non-oil exports rose 7.2 percent MoM to reach SAR23.6 billion ($6.2 billion) in June. Oil, which accounted for 72 percent of total exports, rose 1.6 percent MoM and totaled SAR61.2 billion ($16.3 billion). Imports rose 2.5 percent MoM. Saudi Arabia’s trade balance increased another 4 percent MoM in June to reach a SAR38.7 billion ($10.3 billion) surplus.
- The value of U.S.-Saudi trade rose 13 percent MoM in June, totaling SAR11 billion ($2.9 billion). Saudi exports to the U.S. rose 27 percent MoM due to a greater volume of crude oil, organic chemicals, plastics, and fertilizer exports. U.S. exports to Saudi Arabia declined 4 percent in June and totaled SAR4.4 billion ($1.2 billion). Top U.S. exports to Saudi Arabia by value were motor vehicles, aircraft parts, and soybeans.
- Saudi small and medium enterprises (SMEs) will be granted a three-year exemption from commercial registration fees and reduced other fees in the fourth and fifth year of operation, according to the Ministry of Commerce. The policy aims to support and lessen the cost of starting a business in Saudi Arabia.