Riyadh-Mubasher: New letters of credit indicate that Saudi import growth is likely to be mild in coming months, according to a recent report by Jadwa Investment.

China replaced the US as the largest source for Saudi imports during 2014. As a share of total imports, imports from China grew from 7% in 2004 to 14% in 2014.

Non-oil exports for December remained unchanged, year-on-year, the report stated.

PMI was almost unchanged in January at 57.8, compared to 57.9 in the previous month. Monthly production for both steel and cement rose to an all-time high.

Year-on-year growth in cement production and sales was strong at 15.3%, and 16.1%, respectively.