Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s non-oil exports rose 27 percent YoY (+8.9 percent MoM) to reach SAR23 billion ($6.1 billion) in August. Oil accounted for 74 percent of total exports, totaling SAR66.2 billion ($17.7 billion). Compared to last month, Saudi exports fell 3 percent while imports rose 7 percent. The Kingdom’s trade balance narrowed 13 percent to reach a SAR38.8 billion ($10.4 billion) surplus.
- The value of U.S.-Saudi trade ticked down 1.6 percent MoM (+23 percent YoY) in August, totaling SAR9.2 billion ($2.5 billion). U.S. exports to Saudi Arabia rose 2 percent MoM (+13.3 percent YoY) while Saudi exports to the U.S. fell 6 percent MoM (+37.2 percent YoY). China remained the Kingdoms’ top trading partner. The U.S. remained Saudi Arabia’s sixth largest export destination and its second largest source of imports.
- Saudi Arabia lowered its holdings of U.S. Treasury securities by 3.1 percent in August, according to the Department of the Treasury. The Kingdom’s SAR465.4 billion ($124.1 billion) in U.S. Treasuries was the lowest since May 2020. Saudi Arabia now ranks as the 17th largest sovereign holder of U.S. debt.
