Saudi Non-Oil Exports Achieve New Levels

Saudi Non-Oil Exports Achieve New Levels
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Saudi Non-Oil Exports Achieve New Levels

Saudi Non-Oil Exports Achieve New Levels

The General Authority for Statistics (GASTAT) announced on Wednesday that the Saudi trade balance in 2022 registered record results of SAR 830 billion ($222 billion), with exports exceeding SAR 1.5 trillion ($411 billion) against imports amounting to SAR 712 billion ($189.8 billion).

During the same period, non-oil exports reached their highest levels, amounting to SAR 315.7 billion ($84 billion).

Experts told Asharq Al-Awsat that the Saudi government has put forward a package of initiatives to empower the private sector and reduce clearance time, which contributed to accelerating trade between the Kingdom and other countries.

They added that programs and initiatives presented by the competent authorities contributed to the access of international companies and factories to the local market, in addition to the growth of the local business sector.

According to the International Trade Bulletin issued by GASTAT, merchandise exports increased 48.9 percent in the past year, after their value exceeded SAR 1.5 trillion ($411 billion), as a result of a rise in oil exports by SAR 468 billion ($124.8 billion).

The value of oil exports amounted to SAR 1.2 trillion ($327 billion), compared to SAR 758 billion ($202 billion) in the previous year, while the percentage of oil exports increased from 73.2 percent in 2021 to 79.5 percent in 2022.

The bulletin revealed that non-oil exports (including re-exports) increased by 13.7 percent in 2021, to record SAR 315.7 billion ($84 billion), compared to SAR 277.5 billion ($74 billion) last year.

Non-oil exports (including re-exports) rose to 14.8 percent, and the value of re-exports increased to 8.6 percent over the same period.

Imports witnessed a 24.2 percent increase last year, amounting to SAR 138.9 billion ($37 billion), as its value reached SAR 712 billion ($189.8 billion), compared to SAR 573.2 billion ($152.8 billion) in 2021.

GASTAT said that the products of chemical industries and related items were among the most important non-oil export commodities, and constituted 35.8 percent of the total exports, with an increase of 34.5 percent compared to 2021.

Beijing was Riyadh’s main partner in merchandise trade during 2022. The value of Saudi exports to China amounted to SAR 249.9 billion ($66.6 billion), accounting for 16.2 percent of total exports.

Economist Ahmed Al-Jubeir told Asharq Al-Awsat that the Saudi government’s initiatives and programs contributed to increasing the value of commodity exports, given the capabilities available to all national factories and the measures that facilitated the export process through air, sea and land ports.

For his part, Nashmi Al-Harbi, a logistics expert, pointed to a significant improvement in the Saudi supply chain system and logistics services.

Al-Harbi added that the initiatives launched by the competent authorities have increased the volume of exports and imports. He stressed that the rise of Saudi Arabia to the 18th place in the global logistics performance index was the culmination of efforts aimed at attracting foreign investments.

 



Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)
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Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday.

According to Reuters, Iraq is pushing for a higher OPEC production quota as the economic fallout from the Iran war and new investment by oil majors increase pressure on Baghdad to boost output, potentially putting it at odds with the producer group.

The conflict has hit Iraq particularly hard, forcing major export cuts and depriving the state of oil revenue, which accounted for 88% of government income last year.


IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
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IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

Georgieva said concerns about dependence on the AI investment boom and high valuations were impacting markets around the world.

"Things are going up and down, and this is likely to continue," she told an audience at IMF headquarters in Washington, adding that the volatility would complicate the job of central banks at a time when risks to price stability had been growing.

A steep rout in technology stocks on Thursday rippled through markets on fears that ⁠the Democrats' victory ⁠in the US midterm elections would increase regulatory scrutiny of AI and slow the data center build-out, sending investors to the safety of bonds.

The political jitters are hitting an AI trade already on shaky footing due to worry about return on massive spending on AI-related infrastructure, with the meltdown spurring margin calls and spooking retail investors and hedge ⁠funds alike.

Georgieva said the AI investment boom was lifting growth in some countries, helping to offset a negative oil-supply shock triggered by the war in the Middle East, but it was also adding to inflationary pressures and financial stability concerns.

The IMF last month flagged significant growth and financial stability risks from a potential ending of the AI investment boom, among other factors, including a prolonged Middle East war. At the time, it warned that a steep drop in AI investment could lead to a sharp fall in asset prices, ultimately cutting global GDP ⁠by 1.1% ⁠by 2028, including a 1.8% drop in US output.

Georgieva did not repeat the downside forecast on Friday, but acknowledged the recent market volatility.

"Should there be a slowdown in the AI-driven growth impulse, it would need to be factored in as central banks assess the necessary steps in the fight against stubborn inflation," she said.

Democrats are planning to unleash a flood of new legislation targeting artificial intelligence systems and data-center development when they take control of the US Congress in January, Reuters reported on Friday, citing congressional aides and advocates.

That would mark a sharp shift from the Republican-led Congress, where lawmakers largely focused on promoting AI development and declined to pass legislation restricting the technology.


World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.