December 28, 2023
Saudi Arabia is one of the top 20 export and import markets in the world. In 2022, the US imported roughly 456,000 barrels of crude oil per day from Saudi Arabia. China is Saudi Arabia’s largest trading partner and the world’s largest buyer of crude oil.
According to the Indonesian Trade Promotion Center, Saudi Arabia’s trade balance in 2013 was a $6.36 billion deficit, with a non-oil/gas surplus of $4.28 billion.
In the third quarter of 2023, Saudi Arabia’s trade surplus was $26.62 billion, according to data from the International Trade October 2023 report. This surplus contributed to the overall international trade value of the kingdom, which reached SAR178.210 billion ($47.52 billion), a Saudi Press Agency report said.
🔸️#Ports #Transportation in Saudi Arabia
▪️ Non-oil exports, including re-exports, traversed through 32 different customs ports, encompassing sea, land, and air routes, with an initial estimated value of 22,028 billion Riyals ($5.9 billion).
▪️ Among the various ports and means of transportation, King Fahd Industrial Port in Jubail: 4,231 billion Riyals ($1.13 billion), 19.2% of non-petroleum exports
🔸️ Saudi Arabia Trade Excedent
This surplus reflects significant growth in the Saudi trade sector, driven by economic diversification and the enhancement of non-oil exports.
🔸️ Impact on the National Economy of Saudi Arabia
This achievement contributes to strengthening the Saudi economy and is a testament to the effectiveness of the economic and trade policies in place.
🔸️ ▪️ ▪️ 🔸️Exports and Imports
- ▪️ Exports: 104,306 billion Riyals ($27.8 billion)
- ▪️ Imports: 73,904 billion Riyals ($19.7 billion)
- Machinery, electrical equipment, and parts accounted for 22.3% of total imports.
- Transport equipment and parts followed at 19.4%.
🔸️ Key Trading Partners of Saudi Arabia
🔸️🔸️🔸️ In terms of country-specific exports, China took the lead as the largest destination for Saudi Arabia’s exports, accounting for 18.7% of total exports from the kingdom, with a value of SAR19.545 billion.
Asian countries outside the Arab and Islamic nations took the first position for Saudi exports, accounting for 58.8% of Saudi merchandise exports valued at SAR61.367 billion.
- Japan followed closely in second place, with SAR12.259 billion (11.8% of total exports).
- India claimed the third spot with SAR10.190 billion, representing 9.8% of total exports.
- South Korea ranked fourth, with SAR10.033 billion (9.6%).
- #China: 19,545 billion Riyals ($5.2 billion), 18.7% of exports
- #Japan: 12,259 billion Riyals ($3.3 billion), 11.8% of exports
- #India: 10,190 billion Riyals ($2.7 billion), 9.8% of exports
- #Southkorea : 10,033 billion Riyals ($2.7 billion), 9.6% of exports
🔸️ The GCC countries came in second, accounting for 9.9% of the total Saudi merchandise exports, with a value of SAR10.334 billion: #UAE: 5,069 billion Riyals ($1.35 billion), 4.9% of exports. The UAE secured the fifth position with SAR5.069 billion, accounting for 4.9% of total Saudi exports.
🔸️🔸️ The European Union countries followed closely in third place, receiving 9.2% of the total Saudi merchandise exports, with a value of SAR9.631 billion.
Saudi Arabia’s top exports include:
Crude petroleum: In 2021, Saudi Arabia exported $7.76 billion worth of crude petroleum to the United States. In 2021, Saudi Arabia exported 14.5% of the world’s oil.
Refined petroleum: In 2021, Saudi Arabia exported $2.29 billion worth of refined petroleum to the United States.
Ethylene polymers: Saudi Arabia’s top exports include ethylene polymers.
December 28, 2023
Saudi central bank net foreign assets rose by $11.73 billion in November from the previous month, central bank data showed on Thursday.
The net foreign assets rose to 1.568 trillion riyals ($418.16 billion) in November from 1.524 trillion riyals in October, the data showed.
While there was an increase from the previous month, net foreign assets were down 7.6% year-on-year, the data showed. ($1 = 3.7498 riyals).
