| 23 April 2024, Tuesday |

Value of Saudi-US trade totals $34.7 billion

Saudi Arabia’s exports to the United States increased last year, with the value of trade between the two countries totaling SAR130 billion ($34.7 billion), the US-Saudi Business Council said in a report.

The value of trade rose 39 percent on the back of Saudi oil exports and record non-oil exports to the US, according to the US-Saudi Trade Review 2023.

It said Saudi non-oil exports to the US totaled SAR10.1 billion ($2.7 billion), rising 10 percent from the previous year. This marked the highest annual level of non-oil exports from Saudi Arabia to the US on record for the second straight year.

Oil exports to the US dramatically rose 84 percent owing to a combination of halting oil imports from Russia and growing demand from the transportation and industrial sectors in the US.

Saudi Arabia increased its oil production from 9.1 million barrels per day (mbpd) in 2021 to 10.5 mbpd in 2022 to meet the increased US demand for oil.

Official figures show government oil revenues reached SAR1.2 trillion ($326 billion) in 2022, which contributed to a budget surplus of SAR104 billion ($27.7 billion).

Saudi exports of cement clinker to the US reached SAR90 million ($24 million), as the Kingdom exported a record 8.94 million tons globally during 2022.

Louisiana was the top US importer of non-oil goods from Saudi Arabia, followed by Texas and North Carolina.

US exports to Saudi Arabia were diversified across a range of electrical, mechanical, industrial, agricultural, and pharmaceutical goods. Motor vehicles remain the largest non-oil US export to Saudi Arabia, totaling SAR8 billion ($2.1 billion), up 12 percent YoY in 2022.

The second largest export category was ‘Nuclear reactors, Boilers, Machinery, Etc.; Parts,’ which represented 15 percent of US goods exported to Saudi Arabia in 2022. This segment was valued at SAR6.7 billion ($1.8 billion).

  • Asharq Al-Awsat