Weekly Market Brief – 7/28/2023

Saudi Arabia Macroeconomic Developments

• Saudi Arabia achieved a surplus trade balance of SAR29 billion ($7.7 billion) in May, according to the General Authority for Statistics (GAStat). The Kingdom’s merchandise imports increased 20.9 percent in May to SAR67.7 billion ($18.1 billion) YoY.

• Saudi Arabia’s export of non-oil products recorded an increase of 14.85 percent, reaching SAR18.85 billion ($5 billion) MoM in May. China emerged as the top exporter and importer of Saudi products during the period. The U.S. accounted for the second highest source of Saudi exports with SAR5.7 billion ($1.5 billion).

• Saudi Arabia’s economy is on track to expand 1.9 percent in 2023, a downward revision of 1.2 percentage points from an earlier estimate, according to the latest forecast from the IMF.