KSA’s non-oil exports jumped 19% YoY in July 2024, according to data compiled by the General Authority for Statistics (GASTAT).
What
Oil exports dropped by 3.1% YoY in July, while commodity exports rose 2%, reaching SAR 94.5 billion.
Imports hit approximately 75 billion riyals, up 12.6%, the highest levels reported since GASTAT began keeping records in 2017.
So what
The Saudi trade surplus declined by 25.4% YoY in July, reaching some SAR 19.3 billion, marking its lowest level since November 2020.
Some context
Oil giant Aramco, which is 81.5% owned by the government, returned to the global debt market for the second time in less than three months earlier this week.
Reuters reported that the company set the initial pricing for its dollar-denominated Sukuk as follows:
– About 120 basis points above U.S. five-year Treasury bonds
– About 135 basis points above U.S. ten-year Treasury bonds
Now what
Aramco aims to pay out around USD 124 billion in dividends this year amid falling oil volumes and prices.
According to Reuters, the company hopes to raise USD 3 billion through its international Sukuk issuance.
