Saudi Arabia’s trade surplus surged to SAR 26.0 billion in May 2026 from SAR 6.1 billion in the same month last year, as exports rose while imports slumped. Exports grew 3.9% year-on-year to SAR 93.8 billion, mainly driven by a 19.5% rise in oil exports, which represented 75.6% of total exports. Meanwhile, non-oil exports dropped 27.5% amid a decline in shipments of plastic and rubber products (-28.2%), which accounted for 17.6% of total non-oil exports. China remained the leading destination for Saudi exports, accounting for 12.3% of the total, followed by South Korea (9.6%) and the UAE (7.5%). Imports slumped 19.5% to SAR 67.8 billion, largely due to a sharp decline in machinery, electrical equipment, and parts (-28.0%). China also remained the largest source of imports, making up 22.0% of the total, followed by the US (10.7%) and Egypt (8.4%).

Saudi Arabia Trade Surplus Jumps in May

The Mexican peso strengthened to around 17.48 per USD in late July from 17.52 earlier in the month as investors viewed Mexico's trade position with the US as relatively favorable. The US announced new tariffs ranging from 10% to 12.5% on imports from roughly 60 economies. For Mexico, imports that do not qualify for preferential treatment under the USMCA will face a 10% tariff, while goods that comply with the agreement's rules of origin will remain exempt, preserving the country's preferential access to the US market. Existing exemptions also remain in place for products already covered by sector-specific tariffs, including automobiles, steel, aluminum, and pharmaceuticals. Mexico was included among the countries subject to the minimum 10% tariff, while many economies without trade agreements will face 12.5% duties, preserving Mexico's competitive advantage over several export rivals. The peso also found support from a pullback in global energy prices.

Mexican Peso Gains on Trade Advantage

The Ibovespa fell 1.5% to close at 174,042 on Friday as investors assessed fresh US tariffs on Brazilian exports and escalating tensions in the Middle East. Concerns among the Brazilian government and corporate sector intensified after the Trump administration announced another round of tariffs on Brazilian goods. Markets also continued to grapple with inflation concerns and expectations of higher global interest rates as oil prices remained elevated despite retreating from recent peaks. Major banks led the losses, with Banco do Brasil down 2.8%, Bradesco falling 1.3%, Itaú declining 1.1%, and Santander losing 1.1%. Petrobras dropped 1.7% as oil prices pulled back, while junior oil producer PRIO lost 2.8%. Vale fell 0.6% but still posted a weekly gain of more than 3%, supported by stronger-than-expected production figures released earlier in the week. Bucking the broader market, WEG rose 0.7% after its quarterly results, helped by positive commentary from Goldman Sachs and Itaú BBA.

Ibovespa Drops on Trade and Middle East Tensions

The Dow Jones Index gained 236 points or 0.46 percent on Friday to close at 51947 points. Gains were led by Salesforce (4.05%), IBM (3.61%) and Apple (3.52%). Biggest losers were American Express (-4.41%), Honeywell International (-1.85%) and Goldman Sachs (-1.37%).

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Saudi Arabia Trade Surplus Jumps in May

Mexican Peso Gains on Trade Advantage

Ibovespa Drops on Trade and Middle East Tensions

The Dow Jones Index Closes 0.46% Higher