Weekly Market Brief – 4/29/2022

Saudi Arabia Macroeconomic Developments

• Saudi Arabia’s economy grew 9.6 percent YoY in Q1, the fastest rate of growth since 2011. Oil activity increased 20.4 percent in Q1 while non-oil activity rose 3.7 percent, according to a preliminary report from the General Authority for Statistics (GAStat). Government services activity also grew 2.4 percent.

• Saudi non-oil exports (excluding re-exported goods) rose 11.4 percent MoM in February to reach SAR22.9 billion ($6.1 billion). Oil exports from the Kingdom meanwhile rose 0.6 percent MoM to SAR84 billion ($22.4 billion). Chemical exports accounted for 36 percent of Saudi non-oil exports and an increasing share of total Saudi exports. China remained the top trade partner of Saudi Arabia.

• Saudi exports to the U.S. inched up 0.2 percent MoM while Saudi imports from the U.S. declined 6 percent MoM. The U.S. remained the second largest source of Saudi imports in February and rose to the fifth largest destination for Saudi exports as U.S. demand for oil and non-oil goods from the Kingdom grew. Read a full review of the U.S.-Saudi trade partnership in USSBC’s new U.S.-Saudi Trade Review.