Real External Balance of Goods and Services for Saudi Arabia
NNXGSRNSAXDCSAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
68,036.00
Year-over-Year Change
-30.10%
Date Range
1/1/2010 - 7/1/2023
Summary
The Real External Balance of Goods and Services for Saudi Arabia measures the difference between the value of exports and imports of goods and services, adjusted for inflation. This metric is crucial for evaluating the country's trade competitiveness and overall economic performance.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Real External Balance of Goods and Services represents Saudi Arabia's net trade position, capturing the relative strength of its exports versus imports. Economists and policymakers use this indicator to assess the kingdom's external sector, trade policies, and competitiveness in global markets.
Methodology
The data is calculated by the International Monetary Fund using official trade statistics and price indices.
Historical Context
This trend provides insights into Saudi Arabia's trade balance and macroeconomic conditions, which are important for analyzing the country's economic policies and growth prospects.
Key Facts
- Saudi Arabia is one of the world's largest exporters of crude oil and petroleum products.
- The kingdom's trade balance has fluctuated significantly due to oil price volatility.
- Improving the non-oil trade balance is a key priority for Saudi economic diversification efforts.
FAQs
Q: What does this economic trend measure?
A: The Real External Balance of Goods and Services for Saudi Arabia measures the difference between the value of the country's exports and imports of goods and services, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for evaluating Saudi Arabia's trade competitiveness, external sector performance, and overall economic conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the International Monetary Fund using official trade statistics and price indices.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this indicator to analyze Saudi Arabia's trade balance, macroeconomic conditions, and the effectiveness of trade policies.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule and availability of official trade statistics from Saudi Arabia.
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Citation
U.S. Federal Reserve, Real External Balance of Goods and Services for Saudi Arabia (NNXGSRNSAXDCSAQ), retrieved from FRED.