Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s exports rose 5 percent MoM (+83 percent YoY) in May reaching SAR144.1 billion ($38.4 billion) as the value of oil and non-oil goods exported by the Kingdom continued to increase. Compared to the previous month, oil exports were up 6 percent while non-oil exports rose 2 percent. Saudi imports meanwhile declined 4 percent MoM (+22 percent YoY).
- The value of U.S.-Saudi trade in May was SAR14.7 billion ($3.9 billion), rising 4 percent MoM amid higher oil volumes to the U.S. Exports from Saudi Arabia to the U.S. rose 12 percent (+96 percent YoY) while imports from the U.S. were down 8 percent MoM (+10 percent YoY). The U.S. remained Saudi Arabia’s second largest source of imports and its fifth largest export market.
- Saudi Arabia’s economy will grow at an average rate of 3.9 percent between 2022 and 2026, according to ratings agency Moody’s. The agency affirmed Saudi Arabia’s credit rating at ‘A1’ with a stable outlook, supported by the government’s robust balance sheet, modest debt levels, and substantial fiscal buffers.