Jadwa: Saudi non-oil exports to jump 19%

Jadwa Investment has published its 2021 Saudi economy data which included that non-oil exports of the kingdom reached the highest ever last year, as it recorded a jump of 35% to SR 275 billion ($73.3 billion).

Jadwa estimates that Saudi crude oil and refined product exports soared by 19% (YoY) to 9.2 million (bpb), while the Kingdom’s crude oil and refined product exports declined 2% to 7.6 million bpd.

In January, the non-oil PMI dropped slightly due lower new orders and business activities. During the same period, cement sales and output in Saudi market decreased 4.6% and 6.5% consecutively.

Consumer spending jumped by 8.4% in January (YoY) and by 0.2% (MoM). POS dealings rose by 17%, while cash withdrawal declined by 4.3% (YoY).

In December, the non-oil manufacturing index rose by 9.7% (YoY). Moreover, the monthly value of licensed investments in new factories soared to SR3.2 billion, with 80 new licensed factories during the month. December also saw a notable increase in the number of total workers spurred by a rise in both foreign and Saudi workers.

Jadwa also reported that net monthly change to government accounts with SAMA declined by SR 5.7 billion in January. Domestic bank holdings of government bonds declined in January by SR 15.6 billion.

SAMA FX reserves declined in January by $8.6 billion month-on-month, to stand at almost $447 billion. Jadwa expects SAMA FX reserves to total $509 billion by year end.

On inflation in Saudi Arabia, the company says that prices in January rose by 1.2% (YoY), and by 0.2% (MoM). Within the CPI basket, ‘food and beverages’ prices rose by 2% (YoY), and by 0.4% (MoM).