Weekly Market Brief – 6/23/2023

Saudi Arabia Macroeconomic Developments

• Overall merchandise exports decreased by 25.2 percent YoY in April 2023. The value of exports amounted to SAR103 billion ($27.5 billion) in April 2023, down from SAR137.7 billion ($36.7 billion) in April 2022. This decrease was attributed to oil exports, which fell by SAR25.9 billion ($6.9 billion) or 23.6 percent in the same period, decreasing to SAR83.8 billion ($22.3 billion) from SAR109.7 billion ($29.3 billion) in April 2022.

• Saudi Arabia’s merchandise imports decreased 16.1 percent to SAR57.9 billion ($15.4 billion) in April 2023 compared to SAR69 billion ($18.4 billion) in the previous month. However, it increased by 1 percent in April 2023 compared to SAR57.3 million ($15.3 million) in April 2022.

• Saudi Arabia’s financial market advanced seven places to the third position in the competitiveness indicators among G20 nations this year, according to the International Institute for Management Development.