Palm trees and buildings in Saudi Arabia

Saudi Arabia Merchandise Exports (ann. var. %)

Merchandise Exports in Saudi Arabia

As expected, growth weakened in Q1. In year-on-year terms, it slowed, and in seasonally adjusted quarter-on-quarter terms, it contracted. The slowdown was driven by the oil sector, with crude output falling after OPEC+ announced cuts to production quotas late last year. The non-oil sector was more resilient, easing slightly in year-on-year terms and rising slightly in seasonally adjusted quarter-on-quarter terms. The non-oil sector likely continued to benefit from low inflation and government investment in infrastructure and other diversification projects. In other news, in April, Fitch upgraded the government’s credit rating to ‘A+’ from ‘A’ with a stable outlook, citing Saudi Arabia’s commitment to reform and its large current account surplus and stock of international reserves.

Saudi Arabia Merchandise Exports Chart

This chart displays Merchandise Exports (ann. var. %) for Saudi Arabia from 2013 to 2022.

Saudi Arabia Merchandise Exports Data

2017 2018 2019 2020 2021
Merchandise Exports (ann. var. %) 20.8 32.7 -11.1 -33.6 58.9

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