Models of the brand, to be launched within the next month, will be priced between 100,000 yuan and 150,000 yuan ($14,000-$21,000)

On the other hand, trade transiting around the Cape of Good Hope surged by an estimated 74% YoY, according to the data

This endorsement reflects the Kingdom’s ongoing commitment to economic and social reforms under its ambitious Vision 2030 agenda

International trade is a direct reflection of the state of the global economy. Trade reveals the appetite for final goods by consumers, as well as the need for intermediate and capital goods by firms. “Thus, trade volumes fluctuate in line with the global cycles of economic expansions and contractions, and are highly informative indicators of macroeconomic conditions,” QNB said.

U.S. import prices increased marginally in February as a surge in the cost of petroleum products was partially offset by modest gains elsewhere, which bodes well for the inflation outlook.

In its latest Global Economic Outlook report, the rating agency said that the sharp upward revision was driven by the US growth forecast to 2.1% from 1.2% in the December 2023 report.