Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s trade surplus rose to SAR64.6 billion ($17.2 billion) in September 2022, from SAR47.9 billion ($12.8 billion) a year earlier, as surging oil prices continued to boost exports. Exports advanced by 30.9 percent to SAR124.7 billion ($33.2 billion), as oil exports grew by 43.4 percent, while non-oil exports increased by 9.7 percent, namely chemical products.
- Saudi imports grew by 26.9 percent to SAR60 billion ($16 billion) in October, led by purchases of machinery and mechanical appliances, electrical equipment, and transport equipment. The highest share of imports came from China, representing 19.7 percent of the total, the U.S. with 11.7 percent, and U.A.E. with 6.8 percent.
- Saudi Arabia remained the largest crude supplier to China in October. Oil supplies from Saudi Arabia to China rose 12 percent YoY in October to 1.87 million barrels per day (bpd).