Weekly Market Brief – 5/27/2022

Saudi Arabia Macroeconomic Developments

• Oil exports from Saudi Arabia rose 36 percent MoM (+123 percent YoY) in March to reach SAR114 billion ($30.4 billion). Non-oil exports (excluding re-exported goods) from the Kingdom rose 11 percent MoM (+30 percent YoY) to reach SAR24.1 billion ($6.4 billion). Chemical exports accounted for 37 percent of Saudi non-oil exports and an increasing share of total Saudi exports. China remained the Saudi Arabia’s top trade partner.

 

• Saudi exports to the U.S. rose 51 percent MoM (+153 percent YoY) while Saudi imports from the U.S. declined 9.6 percent MoM (-8.2 percent YoY). The U.S. remained the second largest source of Saudi imports in March and fifth largest destination for Saudi exports as U.S. demand for oil and non-oil goods from the Kingdom grew.

 

• The World Bank raised its economic growth forecast for Saudi Arabia to 7 percent, from 4.9 percent, due to stronger oil output. The World Bank also cited continued expansion of non-oil sectors and growth in domestic consumption as key supports for higher growth in the Kingdom.