Aràbia Saudita: Visió econòmica i política
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 | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 134,519 | 137,065 | 153,163 | 137,998 | 152,850 |
Exports of Goods (million USD) | 221,835 | 294,373 | 261,603 | 173,854 | 276,179 |
Imports of Services (million USD) | 54,305 | 55,083 | 55,219 | 38,201 | 73,281 |
Exports of Services (million USD) | 17,447 | 19,852 | 23,529 | 9,637 | 10,303 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 64.2 | 64.2 | 62.8 | 52.1 | 59.1 |
Trade Balance (million USD) | 98,461 | 168,749 | 121,336 | 47,944 | 136,464 |
Trade Balance (Including Service) (million USD) | 38,018 | 105,327 | 66,919 | 664 | 73,486 |
Imports of Goods and Services (Annual % Change) | 0.3 | 2.6 | 9.6 | -19.8 | 3.3 |
Exports of Goods and Services (Annual % Change) | -3.1 | 7.2 | -5.0 | -10.2 | 2.0 |
Imports of Goods and Services (in % of GDP) | 29.3 | 25.7 | 27.2 | 25.9 | 24.3 |
Exports of Goods and Services (in % of GDP) | 34.9 | 38.6 | 35.6 | 26.2 | 34.8 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 23.3 | 6.5 | 6.1 | 5.3 | 5.4 |
Volume of imports of goods and services (Annual % change) | 8.5 | 7.2 | 6.0 | 6.7 | 6.1 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
United Arab Emirates | 5.1% |
China | 3.8% |
India | 3.2% |
Egypt | 2.7% |
United States | 1.7% |
Singapore | 1.6% |
Belgium | 1.4% |
Türkiye | 1.2% |
South Korea | 1.2% |
Netherlands | 1.0% |
France | 0.9% |
United Kingdom | 0.8% |
Bahrain | 0.8% |
South Africa | 0.8% |
Jordan | 0.7% |
Yemen | 0.7% |
Japan | 0.7% |
Italy | 0.7% |
Kuwait | 0.7% |
Djibouti | 0.6% |
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% |
Japan | 4.0% |
Italy | 3.0% |
France | 2.8% |
Egypt | 2.8% |
United Kingdom | 2.3% |
South Korea | 2.3% |
Bahrain | 1.7% |
Brazil | 1.6% |
Spain | 1.6% |
Thailand | 1.5% |
Switzerland | 1.4% |
Netherlands | 1.4% |
Canada | 1.3% |
Indonesia | 1.3% |
Belgium | 1.3% |
See More Countries | 51.2% |
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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.
19.7 bn USD of services exported in 2018 | |
70.17% | |
22.94% | |
3.45% | |
1.52% | |
1.43% | |
0.38% | |
0.12% |
83.8 bn USD of services imported in 2018 | |
34.36% | |
19.85% | |
18.74% | |
12.43% | |
7.64% | |
2.97% | |
2.04% | |
1.96% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: September 2023
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