Imports/Exports in Saudi Arabia
The foreign trade share in Saudi Arabia is nearly 90% of the GDP. The country recorded a highly significant trade surplus in 2008. Despite the falling oil prices, the country should show a positive balance in the forthcoming years.
Saudi Arabia's main export partners are the United States, China and Japan, followed by Germany and U.A.E., as well as the Southeast Asian countries. The country exports mainly crude oil (the black gold represents 90% of its exports), plastics, organic products and chemicals.
Its main import partners are the United States, Japan, China and Korea, followed by other Asian countries (India, Taiwan, Singapore). Saudi Arabia mainly imports vehicles, machinery, electrical equipment, iron, steel and food products.
In order to promote international trade, attract foreign investment and diversify the non-oil sectors, the government has announced plans to establish four "economic cities" in different regions of the country.
|Foreign Trade Indicators||2006||2007||2008||2009||2010|
|Imports of Goods (million USD)||69,800||90,214||115,134||95,552||102,000|
|Exports of Goods (million USD)||211,305||233,329||313,462||192,314||254,000|
|Imports of Services (million USD)||29,488||45,914||49,572||47,039||-|
|Exports of Services (million USD)||13,973||15,743||9,128||9,428||-|
|Imports of Goods and Services (Annual % Change)||25.2||21.6||-||-||-|
|Exports of Goods and Services (Annual % Change)||3.4||3.0||-||-||-|
|Imports of Goods and Services (in % of GDP)||31.8||37.8||37.2||42.6||-|
|Exports of Goods and Services (in % of GDP)||63.2||64.9||68.0||52.7||-|
|Trade Balance (million USD)||147,391||150,716||212,027||105,206||-|
|Trade Balance (Including Service) (million USD)||112,012||104,037||147,031||-||-|
|Foreign Trade (in % of GDP)||95.1||102.7||105.1||95.3||-|
Source: WTO - World Trade Organization ; World Bank
Main Partner Countries
(% of Exports)
|United Arab Emirates||3.6%|
|Other partnersClose extended list||49.1%|
(% of Imports)
|United Arab Emirates||2.5%|
|Other partnersClose extended list||54.6%|
Exchange Rate System
- Exchange Rate Regime
- The Saudi Arabian Riyal is pegged against a single currency i.e. UD dollar.
Moreover Saudi Arabia imposes no foreign exchange restrictions on capital receipts or payments by residents or nonresidents, except there is a prohibition against transactions with Israel.
- Level of Currency Instability
|Saudi Riyal (SAR) - Average Annual Exchange Rate For 1 USD||3.75||3.75||3.75||3.75||3.75|
Source: World Bank
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