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Foreign Trade in Figures

Trade represents around 62% of Saudi’s GDP (World Bank, latest data available). Saudi Arabia is the world's leading oil exporter. In 2023, its oil exports totalled USD 211.54 billion, representing 16.3% of global oil exports. In 2023, the main non-oil export items included chemical products, accounting for 29.7% of total non-oil exports, despite a 28.5% decline from 2022. Plastics, rubber, and related products followed, representing 24.9% of non-oil exports, down 24.2%. On the import side, machinery, electrical equipment, and parts were the most significant, making up 22.2% of total imports, rising by 24.3% from 2022. Transportation equipment and parts ranked second at 15.3%, with a 15.2% increase (data General Authority for Statistics).

In 2023, China was Saudi Arabia's top export destination, accounting for 16.6% of total exports, followed by Japan (10.2%) and India (9.4%). Exports to the top 10 destinations, including South Korea, UAE, the U.S., Bahrain, Taiwan, Malaysia, and Singapore, made up 65.3% of total exports.
China also led as the primary source of imports, representing 20.9% of total imports, followed by the U.S. (9.1%) and UAE (6.4%). Imports from the top 10 countries, including India, Germany, Japan, Switzerland, South Korea, Italy, and Egypt, accounted for 62% of total imports (data General Authority for Statistics). 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 2023, exports totalled USD 322.2 billion against USD 211 billion in imports. In the same year, the Kingdom exported USD 51.9 billion worth of services, importing USD 96.2 billion (WTO). Non-oil exports, including re-exports, declined by 13.7%, while national non-oil exports (excluding re-exports) dropped by 21.3%. Re-exported goods, however, saw a 26.7% increase. Merchandise exports fell by 22.2% due to a 24.3% decrease in oil exports, reducing the share of oil exports from 79.5% in 2022 to 77.3% in 2023. Imports rose by 9.0%, leading to a 48.9% decline in the merchandise trade balance surplus (data GAS). The overall trade balance was estimated to be positive by 7.4% of GDP in 2023 by the World Bank (from 16.9% one year earlier). According to data from the General Authority for Statistics, overall merchandise exports stood at SAR 866.5 billion in the first nine months of 2024, whereas imports reached SAR 633.3 billion (-4.2% and +10.2% y-o-y, respectively).

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 153,163137,997152,849189,877211,028
Exports of Goods (million USD) 261,603173,854276,179411,184322,256
Imports of Services (million USD) 78,66056,26473,78182,29196,242
Exports of Services (million USD) 24,2438,98410,30334,66851,932

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 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 0.89.08.64.54.9
Volume of imports of goods and services (Annual % change) 6.58.95.53.42.8

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)
2023
China 16.6%
Japan 10.2%
India 9.4%
South Korea 8.9%
United Arab Emirates 5.2%
See More Countries 49.7%
Main Suppliers
(% of Imports)
2023
China 20.9%
United States 9.1%
United Arab Emirates 6.4%
India 5.6%
Germany 4.4%
See More Countries 53.4%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

320.0 bn USD of products exported in 2023
Polymers of ethylene, in primary formsPolymers of ethylene, in primary forms 2.8%
Polymers of propylene or of other olefins, in...Polymers of propylene or of other olefins, in primary forms 1.6%
Acyclic alcohols and their halogenated,...Acyclic alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives 1.4%
Mineral or chemical fertilisers containing two or...Mineral or chemical fertilisers containing two or three of the fertilising elements nitrogen, phosphorus and potassium; other fertilisers (excl. pure animal or vegetable fertilisers or mineral or chemical nitrogenous, phosphatic or potassic fertilisers); animal, vegetable, mineral or chemical fertilisers in tablets or similar forms or in packages of a gross weight of <= 10 kg 0.9%
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) 0.9%
See More Products 92.4%
206.9 bn USD of products imported in 2023
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) 9.2%
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 7.1%
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) 3.9%
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 3.5%
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%
See More Products 73.6%

Source: Comtrade, 2024. 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, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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