Fertilizer exports from Saudi Arabia to the United States saw a 2% increase in 2023, contributing to a total bilateral trade volume of SR112 billion ($29.7 billion), according to recent data. A report from the US-Saudi Business Council highlighted that robust oil exports, along with the expansion of non-oil sectors, have strengthened the economic relationship between the two nations. Saudi exports to the US reached SR60 billion over the past year, with crude oil accounting for $13.7 billion, underscoring Saudi Arabia’s role as a significant oil supplier to the United States.
In the non-oil sector, exports to the US totaled SR8.5 billion, with fertilizers leading the way at SR3 billion, representing 35% of the Kingdom’s non-oil exports. Organic chemicals followed, valued at SR2.6 billion and making up 31% of the total non-oil exports. As part of its Vision 2030 initiative, Saudi Arabia aims to establish itself as a global investment hub and diversify its economy beyond oil. Albara’a Al-Wazir, director of economic research at the US-Saudi Business Council, emphasized the importance of deepening trade and foreign direct investment (FDI) between the two countries. He noted that FDI is crucial for the exchange of capital, technology, and expertise, especially as Saudi Arabia seeks to diversify its economic activities.
US exports to Saudi Arabia also experienced significant growth, reaching $13.8 billion, a 20% increase from the previous year. These exports covered various industries, including electrical and mechanical equipment, agricultural goods, and pharmaceuticals. Automobiles remained the leading US export to Saudi Arabia, valued at $2.8 billion, reflecting a 32% year-on-year rise. Additionally, nuclear reactors, boilers, machinery, and parts represented 18% of total US exports to the Kingdom, valued at $2.5 billion with a 38% growth rate.
Texas emerged as the top US state for trade with Saudi Arabia, exporting $2.9 billion, followed by California with $886 million, and North Carolina, which saw $846 million in exports, a 17% increase from the prior year. Al-Wazir stated that the US is well-positioned to support Saudi Arabia’s transformation by investing in non-oil sectors such as manufacturing, technology, and renewable energy, which are essential for achieving the goals set forth in Vision 2030.
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