Saudi Arabian Exports & Imports
Oil Exports Represent over 98% of Saudi Shipments to USA
Generating 14% of the world’s oil exports and the same percentage for overall oil production, the Kingdom of Saudi Arabia leads all other countries in petroleum products and oil exports.
Saudi Arabia owns 20% of the world’s proven oil reserves. The petroleum sector accounts for more than 90% of the Middle Eastern country’s exports.
Major customers for Saudi’s US$230 billion worth of exports in 2007 include Japan (17.7% of total exports), America (15.9%), South Korea (9.1%), China (7.2%), Taiwan (4.7%) and Singapore (4.5%).
Saudi Arabian imports last year were valued at $81.7 billion. Leading importers into the kingdom are the United States (12.3% of total imports), Germany (8.6%), China (7.9%), Japan (7.3%), the United Kingdom (4.9%), Italy (4.8%) and South Korea (4.1%). Principal Saudi imports are machinery and equipment, foodstuffs, chemicals, motor vehicles and textiles.
Saudi Arabia’s overall trade surplus was $148.3 billion in 2007.
Saudi Arabia – U.S. Trade
A closer look at Saudi Arabia’s trade statistics with the United States reveals that Saudi Arabia enjoyed a $25.2 billion trade surplus with its American trade partner in 2007. The most recent surplus statistic represents an 87.2% increase since 2003.
Recently, Saudi Arabia has enjoyed remarkably higher oil prices and has increased daily oil production. Yet the kingdom is so concentrated in oil that Saudi leaders are concerned that sustained high oil prices will diminish global demand for petroleum products over the long term.
As the following statistics on leading Saudi shipments to the U.S. show, America is one of the countries most dependent on Saudi oil exports.
Saudi Arabian Exports to U.S.
With a population of 28.2 million, Saudi Arabia exported US$35.6 billion worth of merchandise to the United States in 2007, up 12.4% from 2006 and up 97.2% in 4 years.
- Crude oil …US$33.8 billion (95% of Saudi Arabia to U.S. exports, up 12.1% from 2006)
- Other petroleum products … $890.6 million (2.5%, up 51%)
- Liquified petroleum gases … $193.3 million (0.5%, down 15.9%)
- Industrial organic chemicals … $189.1 million (0.5%, down 28.7%)
- Fertilizers, pesticides and insecticides … $152 million (0.4%, up 82.4%)
- Fuel oil … $97.5 million (0.3%, down 43.1%)
- Precious metals other than gold … $42 million (0.1%, up 4,198,700%)
- Plastic materials … $29 million (0.1%, up 140.2%)
- Finished textile industrial supplies … $18.2 million (0.1%, up 252.3%)
- Other chemicals (e.g. print inks, photo chemicals, paint) … $17.5 million (0.05%, up 640.7%).
Petroleum products including oil and gas represent over 98% of Saudi Arabia’s exports to the U.S. last year.
Saudi Arabian Imports from U.S.
Saudi Arabian imports from the U.S. rose 36.1% to $10.4 billion in 2007, up 226% since 2003.
Of American exports to Saudi Arabia in 2007, the following product categories had the highest values.
- New and used passenger cars … US$2.1 billion (20.5% of Saudi imports from America, up 4.8% from 2006)
- Industrial engines … $1.5 billion (14.9%, up 288.5%)
- Drilling and oilfield equipment … $569 million (5.5%, up 21.4%)
- Other industrial machines … $465.8 million (4.5%, up 5%)
- Generators and accessories … $336.4 million (3.2%, up 215.4%)
- Electric apparatus … $313.7 million (3%, up 52.7%)
- Other chemicals … $252.8 million (2.4%, up 137.4%)
- Excavating machinery … $207.2 million (2%, up 80.6%)
- Civilian aircraft … $173.8 million (1.7%, up 4.3%)
- Measuring, testing and control instruments … $164.8 million (1.6%, up 17.9%).
Fastest-growing Saudi Arabian Imports from U.S.
Below are selected American exports to Saudi Arabia in 2007 with the highest percentage sales increases from 2006.
- Complete military aircraft … US$1.3 million (up from nil in 2006)
- Non-monetary gold … $20.3 million (up 678,000% from 2006)
- Soybeans … $8.5 million (up 16,608%)
- Passenger car bodies and chassis … $27.7 million (up 7,106%)
- Wine and related products … $33.5 million (up 384%).
Other fast-growing Saudi imports from the U.S. include wheat, barley, oats, sorghum, corn and fish. Saudi’s growing demand for food and clean water depends on a continuous supply of oil revenues from its American trading partner.
Sources for this Article
This article presents independent calculations and insights based on data drawn from the CIA World Factbook and the U.S. Census Bureau – Foreign Trade Statistics.
