Saudi Arabia Macroeconomic Developments
- Non-oil exports rose 31 percent YoY in Q2, reaching SAR86.2 billion ($23 billion). Compared to Q1 2022, non-oil exports were up 9.7 percent. Leading non-oil goods were chemical and plastics products which accounted for 35 percent and 29 percent of the non-oil total. The ratio of non-oil exports to imports surpassed 50 percent in Q2.
- The value of U.S.-Saudi trade totaled SAR43.6 billion ($11.6 billion) in Q2, rising 55 percent YoY. Saudi exports to the U.S. rose 92 percent YoY as oil demand and prices rose steadily over the past year. U.S. exports to the Kingdom were also up 15 percent YoY in Q2.
- Saudi Arabia’s reserve assets totaled SAR1.74 trillion ($464 billion) in July, declining 0.6 percent MoM. Total reserve assets were up 5 percent YoY. Over the past year, the Kingdom raised its foreign currency, deposits abroad, and special drawing rights (SDR) while trimming its investments in foreign securities.