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Weekly Market Brief – 3/25/2022

April 13, 2022 Weekly Market Briefs

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”.

 

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