Trading Partner Portal: Saudi Arabia
Overview
Trade Overview
The Kingdom of Saudi Arabia has a population of approximately 33.3 million and is roughly one-fifth the size of the U.S. geographically. It is the largest country in the world without a single river. In 2024, Saudi Arabia had a nominal GDP of $1.10 trillion.
As the leading producer of oil and natural gas in the world, Saudi Arabia is largely economically dependent on petroleum output. It holds 16 percent of the world’s petroleum reserves and is the largest exporter of petroleum. (CIA Factbook)
The Kingdom of Saudi Arabia has been a member of the WTO since 2005 and has since been working towards attracting foreign investment. The government recently begun a campaign to build up six “economic cities” in the country to promote the national economy, create more jobs, improve domestic skills, develop the regions and diversify the economy.
U.S. – Saudi Arabia Trade
Two-way trade in goods between the United States and Saudi Arabia was around $25.99 billion in 2024.
Saudi Arabia is the United States’ 28th largest export destination with $13.18 billion in exports as of 2024. Top exports from the United States to Saudi Arabia include transportation equipment ($2.10 billion), non-electrical machinery ($2.30 billion), chemicals ($1.90 billion), computer and electronic products ($1.29 billion), and fabricated metal products ($697 million).
Imports from Saudi Arabia to the U.S. totaled $12.86 billion, with Saudi Arabia being the 33rdh largest import partner for the U.S. The top import into the United States from Saudi Arabia is oil and gas, accounting for $8.20 billion in 2024. Other top imports included petroleum and coal products ($2.41 billion), chemicals ($1.51 billion), goods returned ($251 million), and primary metals manufactures ($196 million).
California – Saudi Arabia Trade
Saudi Arabia is California’s 30th largest export destination, with California being one of the top exporting states to Saudi Arabia. In 2024, California exported approximately $875 million to Saudi Arabia. Agricultural products accounted for $233 million of exports followed by computer and electronic products ($220 million), non-electrical machinery ($101 million), chemicals ($65 million), and miscellaneous manufactures ($60 million).
In 2024, California imports from Saudi Arabia totaled $1.40 billion, of which $1.33 billion was made up by oil and gas. Other top imports included petroleum and coal products ($40 million), reimports ($9 million), fish and other marine products ($5 million), and livestock and livestock products ($5 million).
FDI – Saudi Arabia
Saudi Arabian FDI in the U.S. reached $7.5 billion in 2023, while U.S. FDI in Saudi Arabia reached $10.1 billion in 2023. Saudi Arabian FDI in the U.S. supported 8,100 jobs as of 2021, contributed $2.2 billion in research and development, and $6.8 billion in expanding U.S. exports. The top industry sectors for Saudi Arabian FDI were transportation, plastics, automotive OEM, financial services, communications, and chemicals. (Select USA)
More Articles:
Kingdom of Saudi Arabia and the WTO
WTO
Saudi Arabia’s Economic Cities
Saudi Arabian General Investment Authority
Trade Policy Review: Saudi Arabia
WTO, March 3rd and 5th, 2021
Posting First Rise Since 2014, U.S. Exports to Arab World Grow 4 PErcent to $62.64 Billion in 2019
National U.S.-Arab Chamber of Commerce, February 9, 2020
U.S. Goods Exports to Arab Countries 2018 vs. 2019
National U.S.-Arab Chamber of Commerce, February 2020
U.S. – Saudi Business Opportunities Forum
U.S. – Saudi Business Opportunities Forum
Already the largest economy in the region and a key member of the G20, Saudi Arabia is undergoing an extraordinary economic boom. Massive public investment, rapid private-sector growth and new sector initiatives are driving an expansion projected to offer more than $1 trillion in trade and investment opportunities over the next decade.
This recent US-Saudi Forum was held September 16-18 in Los Angeles highlighting the U.S.-Saudi commercial and trade relationship and how U.S. companies can participate in Saudi Arabia’s expansion. Approximately 1,200 American and Saudi businesses, government officials, academics and opinion leaders were in attendance.
US-Saudi Forum Keynote: His Excellency Dr. Tawfig Alrabiah
Keynote Address: The Honorable Penny Pritzker, U.S. Secretary of Commerce
Obama Trade Official Highlights the Positive Impact of Expanding the U.S.-Saudi Arabia Trade Relationship
ITA Blog, September 18, 2013