Saudi Arabia Macroeconomic Developments
- According to SAMA, Saudi Arabia’s point-of-sale (POS) spending came in at SAR8.34 billion ($2.22 billion) last week, with 30.3 percent of the total originating in Riyadh.
- According to the National Debt Management Center, Saudi Arabia has completed its riyal-denominated sukuk issuance for June at SAR4.4 billion ($1.17 billion). The first tranche amounted to SAR1.6 billion ($427 million) and the second to SAR53 million ($14.1 million) for sukuk maturing in 2027. The third tranche amounted to SAR2.76 billion ($736 million) for sukuk maturing in 2034.
- Saudi Arabia recorded a SAR41.4 billion trade surplus in April 2024, slightly below last year’s SAR41.6 billion ($11.1 billion) but the highest since September amid a surge in non-oil exports. Non-oil shipments jumped 12.4 percent, primarily driven by increased sales of plastics, rubber, and their products at 20.5 percent. Total exports declined 1 percent to SAR101.7 billion ($27.1 billion), due to a 4.2 percent drop in the sales of oil products, accounting for 78 percent of overall exports.
