Saudi Arabia flag Saudi Arabia: Economic and Political Overview

Foreign trade figures of Saudi Arabia

Foreign Trade in Figures

Saudi Arabia was the 26th largest exporter of goods and the 32nd largest import market in the world in 2022, with foreign trade representing 59% of its GDP (World Bank, 2023). Petroleum products represent a large majority of exports, followed by petrochemical products (propylene, ethylene, etc.), covering around 78.6% of all exports in 2020. Machinery and electrical equipment account for the largest share of imports, followed by automobile, chemical and metal products.

Saudi Arabia's main export partners are the UAE, China, India, Egypt and The United States. The country’s imports come chiefly from China, the United States, UAE, India and Germany (data World Bank, 2023). In order to promote international trade, attract foreign investment and diversify the non-oil sectors, the government announced plans to establish four “economic cities” in different regions of the country, providing a variety of advantages to companies that choose to locate their operations within their limits.

The country's trade balance, although structurally in surplus, fluctuates depending on the price of oil and global demand. In 2021, exports totalled USD 276.17 billion against USD 152.85 billion of imports. In the same year, the Kingdom exported USD 9.7 billion worth of services, importing USD 62 billion (WTO, 2023). According to data from the General Authority for Statistics, overall merchandise exports increased by 59% in 2021 with the share of oil exports in total exports reaching 74.9%. The GDP Growth of the Non Oil Sector in Saudi Arabia decreased to 5.99 percent in the third quarter of 2022 from 8.19 percent in the second quarter of 2022 (World Bank latest data available).

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 137,065153,163137,998152,849189,877
Exports of Goods (million USD) 294,373261,603173,854276,179411,184
Imports of Services (million USD) 83,95278,66056,26473,28182,801
Exports of Services (million USD) 20,52924,2438,98410,30331,893

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 62.060.249.757.563.1
Trade Balance (million USD) 168,749121,33647,944136,464234,688
Trade Balance (Including Service) (million USD) 105,32766,91966473,486183,780
Imports of Goods and Services (Annual % Change) 2.69.6-19.78.312.0
Exports of Goods and Services (Annual % Change) 7.2-5.0-10.61.018.7
Imports of Goods and Services (in % of GDP) 24.826.124.824.523.2
Exports of Goods and Services (in % of GDP) 37.234.124.933.039.9

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2023 (e)2024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 1.36.57.76.06.5
Volume of imports of goods and services (Annual % change) 8.74.66.96.25.9

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Saudi Arabia is a member of the following international economic organisations: Arab Monetary Fund (AMF), ICC, Gulf Cooperation Council (GCC) G-20, G-77, IMF, Arab League, WTO, among others. For the full list of economic and other international organisations in which participates Saudi Arabia click here. International organisation membership of Saudi Arabia is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Saudi Arabia can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2021
United Arab Emirates 5.1%
China 3.8%
India 3.2%
Egypt 2.7%
United States 1.7%
See More Countries 83.4%
Main Suppliers
(% of Imports)
2021
China 19.8%
United States 10.6%
United Arab Emirates 8.2%
India 5.3%
Germany 4.9%
See More Countries 51.2%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

286.5 bn USD of products exported in 2021
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 52.7%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 18.2%
Polymers of ethylene, in primary formsPolymers of ethylene, in primary forms 4.1%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 2.8%
Polymers of propylene or of other olefins, in...Polymers of propylene or of other olefins, in primary forms 2.5%
See More Products 19.6%
152.7 bn USD of products imported in 2021
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 7.8%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 4.6%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 4.5%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.7%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 2.4%
See More Products 77.9%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: November 2023