Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s total exports increased 1 percent MoM (+49.6 percent YoY) during January to reach SAR107.6 billion ($28.9 billion). Imports dropped 4.6 percent MoM (+8.1 percent YoY) and totaled SAR51.8 billion ($13.8 billion) during the same period. The Kingdom’s trade balance rose 6.8 percent MoM (+128 percent YoY) and totaled SAR55.8 billion ($14.9 billion) in January.
- Saudi exports to the U.S. rose 16.7 percent MoM (+80.4 percent YoY) amid higher oil volumes while imports from the U.S. slowed sharply by 17.9 percent MoM (-37.5 percent YoY) in January. The U.S. was the second largest source of imports into the Kingdom behind China and the sixth largest destination for exports.
- S&P revised Saudi Arabia’s credit outlook to “positive” due to improvements in GDP growth and stronger fiscal dynamics over the medium-term. S&P also reaffirmed the Kingdom’s credit rating at “A-/A-2”.
