Apart from petroleum, the Kingdom's other natural resources include natural gas, iron ore, gold, and copper. Saudi Arabia is known as the birthplace of Islam, which in the century following Muhammad's death in 632 A.D. spread west to Spain and east to India.Islam obliges all Muslims to make the Hajj, or pilgrimage to Mecca, at least once during their lifetime if they are able to do so.The cultural environment in Saudi Arabia is highly conservative; the country adheres to a strict interpretation of . They are vast underground reservoirs of water. Three-quarters of Russia's oil production went for export in 2015. The kingdom has recovered quickly from a pandemic-induced recession in 2020 and is reaping the rewards of high global energy . After registering a stronger-than-expected recovery in 2021, the Saudi Arabian economy is on an accelerated path to growth in 2022, driven by higher oil prices and non-oil activities, as oil production strengthens and pandemic pressures fade. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. Saudi Arabia will need to consider complex factors around Russia's invasion of Ukraine, including long-term security and energy markets, and will continue to avoid taking sides. The country's economy relies heavily on the Hajj and services supported by the national government.. With an estimated value of US$ 34.40 trillion, Saudi Arabia . The SIPRI arms transfers database yields a long list of arms imported by Saudi Arabia in the period 2013-2017. The kingdom will outpace the dynamic Asian giants of China, India, Indonesia, South Korea and Taiwan, grow much faster than the struggling major economies in western Europe and North America, and leave other large emerging economies in its wake. The top 3 exports of Saudi Arabia are crude oil, refined petroleum oils and petroleum gas. Saudi Arabia is an oil-dependent economy with the largest proven crude oil reserves in the world. Saudi Arabia's Main Imports from Germany In 2020, Germany's exports to Saudi Arabia amounted to $6.8 billion or 5.2% of overall Saudi imports. Saudi Arabia seeks to diversify the economy away from oil revenues and strengthen the role of the . U.S. goods exports in 2018 totaled $$3.6 billion, (down 17 percent from 2017); U.S. imports from Saudi Arabia totaled $$24.1 billion, resulting in a goods trade deficit of $$10.5 billion. Saudi Arabia is the largest country in the Gulf region with a population of over 35 million, and the largest economy in the Arab World with a GDP of $832.4 billion as of December 31, 2021. The UK has a strong historic relationship with Saudi Arabia. Saudi Arabia is the 19th largest exporter and the 20th largest import market in the world. Merchandise exports decreased by $ 66 billion (the value of merchandise exports from Saudi Arabia amounted to $251 billion in 2019) Exports | Saudi Arabia On 2 June, OPEC+ agreed to ramp up oil production quota increases in July and August by 50.0%, further improving the outlook. Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter pins, washers (including spring washers)and similar articles, of iron or steel threaded articles : 73181500 73181900 73181600. washer steel bolt or screw. Hydrogen can help the world's top crude oil-exporting country meet several key mandates of the Saudi Vision 2030: diversify its exports, leverage existing sectors' supply chains to increase local contents, and develop new industrial sectors. The major power-sector actors in Saudi Arabia are: . Foreign banks licensed to operate branches in Saudi Arabia include Gulf International Bank (GIB), Emirates (NBD), National Bank of Bahrain (NBB), National Bank of Kuwait (NBK), Muscat Bank, Deutsche Bank, BNP Paribas, J.P. Morgan Chase, the National Bank of Pakistan (NBP), State Bank of India (SBI), and the Industrial and Commercial Bank of . Indeed, Saudi Arabia wants to become the top supplier of hydrogen in the world. Published by Statista Research Department , Dec 16, 2021 In the year 2020, the most important export commodity of Saudi Arabia was mineral products with a export value of 451 billion Saudi riyals.. 100 %. Saudi Arabia's crude shipments to China have doubled in the span of a year. Major trading partners (exports): China 20%, India 11%, Japan 11%, South Korea 9%, United States 5% (2019). The Global Growth of Esports To put Saudi Arabia's initiatives in some global context, Straits Research is projecting that by 2030, the total esports market size worldwide will be worth $5.74 billion USD. In . The Saudi Export Development Authority (Saudi Exports) has won Stevie Award in the annual International Business Awards in the Public Relations Awards. Machinery: $1.3 billion Main export partners are: United States (14 percent of total exports), Japan (13 percent), China (12 percent), South Korea (10 percent) and India (8 percent). Read more. The facilities handle an estimated 4.4 million tons of bauxite. The trend in imports of major arms by Saudi Arabia, 1998-2017. Published by Statista Research Department , Dec 16, 2021. Infoplease has everything you need to know about Saudi Arabia. . Topping the list of exports to some 90 countries are petrochemicals, plastics, metal goods, construction materials, and electrical appliances. A permanent and founding member of the OPEC, Saudi Arabia is also a member of the G20 forum as one of the world's largest economies. Saudi Arabia will be the fastest growing of the world's largest economies in 2022. Crude oil sales account for a large part (65%) at $110 billion. Country Oil exports (bbl/day) Date of information Saudi Arabia : 6,658,642: 2020 est. Saudi Arabia's import of advanced weapons. The value of the country's exports has fallen $290 billion in the last five years, with the price of crude petroleum being a major factor. Crude Oil Saudi Arabia's total export revenue is approximately $182 billion, most of which comes from crude oil export. The Liwonde Terminal is located on the rail line connecting the Republic of Malawi to the deep-sea port of Nacala in the Republic of Zambia, allowing for high access to Ma'aden's fertiliser . French exports of major weapons to Saudi Arabia were worth $174 million in 2015 but dropped to $91 million in 2016 and $27 million last year. The economy of Saudi Arabia is the largest in the Arab States and the eighteenth largest in the world. This equates to about 15% of total government spending, budgeted at $260 million. Saudi Arabia's Largest Trading Partners Saudi Arabia's direct trade with Russia and Ukraine is . The top export categories (2-digit HS) in 2019 were: aircraft ($2.6 billion), vehicles ($2.0 billion), machinery ($2.0 billion), arms and ammunition ($1.6 billion), and electrical machinery ($835 million). Read More . Petroleum makes up 80% of the kingdom's revenue and 90% of its total export earnings. Future Economic Plans As for Saudi Arabia's total bank credit, it rose 1.6 percent recording SR2.3 trillion worth of brank credit in the transition between July and August. Saudi Arabia Major Exports According to the statistics of CIA FactBook, Saudi Arabia exported US$528,252 million worth of goods around the world in 2018. Customs procedures for export Riyadh, Saudi Arabia 30 - 31 Mar, 2022 Limited Seats. During that time, unemployment was all but nonexistentlarge numbers of foreign workers were imported to do the most . These are the key threats. Russia overtakes Saudi Arabian crude output. GDP forecasts were once again adjusted upwards this month: The economy is set to grow at the second-fastest rate in MENA due to higher OPEC+ quotas and a multi-year high oil prices. In the 1970s . Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Following stellar success at Made in Saudi Expo Saudi Exports wins Stevie Award at 2022 International Business Awards. "Made in the USA" technologies are highly . The UAE requires $69.1, Kuwait $61.1, Iraq $60.4, and Iran needs a massive $389 a barrel, according to IMF . Follow @arabnews Topics: SAMA exports Saudi Arabia's economy comes down to just one word: oil. Figure 3. See also Key Points. Aluminum in Saudi Arabia is produced through one of the most integrated projects in the world. Today, Saudi Arabia exports wheat, dates, dairy products, eggs, fish, poultry, fruits, vegetables and flowers to markets around the world. Exports The top exports of Saudi Arabia are Crude Petroleum ($95.7B), Refined Petroleum ($10.7B), Ethylene Polymers ($9.17B), Propylene Polymers ($5.28B), and Acyclic Alcohols ($3.22B), exporting mostly to China ($33.4B), India ($16.8B), Japan ($16.3B), South Korea ($14.4B), and United Arab Emirates ($9.21B). The numbers signal . Saudi Arabia will be the fastest growing of the world's largest economies in 2022. Export product sales, however, have decreased annually in the last 7 years at a rate of -21.1%. For example, new buildings are now required to be insulated. Saudi-based mining major Ma'aden has announced the opening of a new fertiliser terminal in Malawi as it looks to expand its exports to Africa. Collectively, that trio of exported mineral fuels generated over three-quarters of Saudi Arabian international sales. (SPA) In major milestone, Saudi Export-Import Bank joins Berne Union Follow URL Copied Al Arabiya English The Kingdom is our largest trading partner in the Middle East. Among all the top products exported from Saudi Arabia, Crude Oil contributes to 26.82% of total trade value, equal to US$141,686,936 thousand. 1. The Saudis only exported $26.2 billion worth of refined petroleum oil products amounting to 3.3% of the total refined oil exports worldwide. Exports of Russian gas reached 33.7 percent of overall production. Euromonitor International's Saudi Arabia Economy, Finance and Trade Country Briefing focuses on the largest economy in the Middle East and Africa (in US$ terms) that remains highly dependent on revenues from hydrocarbon exports. The reason for this may be because the Kingdom of Saudi Arabia is reducing the amount of crude oil it's producing. These standards are focused on and the transport and building sectors. People and Society Unlike most developing countries, Saudi Arabia had an abundance of capital, and vast development projects sprung up that turned the once underdeveloped country into a modern state. Saudi Arabia's Economic Update April 2022. Saudi Arabia's commercial sector is growing rapidly. They interacted with the settled people of cities such as Mecca and Medina, which lay along the major caravan trading routes that brought goods from the Indian Ocean overland to the Mediterranean world. The country has overtaken Saudi Arabia in crude exports, and retained the top spot in exports of natural gas. The Sovereign is the Custodian of the Two Holy Mosques, HM King Salman Bin Abdulaziz Al-Saud. 1. Saudi Arabia will be the world's fastest-growing major economy in 2022, outperforming the dynamic Asian giants of China, India, Indonesia and South Korea, as well as the struggling G7 and other major emerging economies. As these are generally advanced weapons, Saudi Arabia is the most well-armed country in the Gulf region in terms of . According to a report from the U.S. Department of Agricultures' Foreign Agricultural Service, wheat production in the Kingdom is currently estimated at 500,000 tons produced in 2018-19 and 700,000 tons expected in 2019-20. The national currency is the riyal. By value, the 15 major product categories listed below represent 85.9% of Saudi Arabia's imports from Germany. In the year 2020, the most important export country for Saudi Arabia was China, with an export value of about 120 billion Saudi riyals. Saudi Arabia possesses approximately 17 percent of the world's proven petroleum reserves and ranks as one the largest net exporters of petroleum. Saudi Arabia can no longer rely on oil. Saudi Arabia trade balance, exports and imports by country. Annually, Saudi Arabia exports about $170B. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Saudi Arabia, a major oil producer, targets net zero emissions by 2060 Although the kingdom will aim to reduce its own emissions, it will continue to aggressively pump and export fossil fuels to. That dollar amount represents a -2.8% drop compared to 2019. The Wall Street Journal reported in July 2018 that the Saudi Arabian government is in the final stages of creating a 50 billion Saudi riyal ($13.3 billion) fund for developing partnerships with foreign companies which will be known as the International Partnership Fund to be run by the SIDF. Saudi Arabia: Major export destinations Exports consist almost entirely of petroleum and petroleum products. Check out our country profile, full of essential information about Saudi Arabia's geography, history, government, economy, population, culture, religion and languages. The nation is the 26th largest exporter in the world. In that same period, Saudi Arabia's FDI in the United States decreased from $7.3 million to $6.3 million. . That represents a CAGR of 21.9%. saudi-arabia Export Shipment to india 71. In 2020, Saudi Arabia major trading partner countries for exports were Unspecified, United Arab Emirates, China, India and Singapore and for imports they were China, United States, United Arab Emirates, Germany and India . Saudi Arabia Economic Growth. the latest prorated data shows that 67.7% of products imported into saudi arabia were supplied by exporters in: mainland china (20.4% of saudi's global total), united states of america (10.2%), united arab emirates (8.2%), india (5.3%), germany (4.9%), japan (4%), italy (3%), egypt (2.8%), france (2.7%), united kingdom (2.4%), south korea (2.2%) But while Saudi Arabia was once responsible for nearly . Saudi Arabia has moved forward in the implementation of energy efficiency standards on key sectors and end-uses linked to their energy saving potential. It encompasses the Al Baitha Bauxite mine, an ore crushing facility situated 372 miles from Ras Al Khair, and a rolling mill. The IMF's projected fiscal breakeven for Saudi Arabia in 2020 sits at $76.1 per barrel. Exports now represent all economic sectors. This is a list of oil-producing countries by oil exports based on The World Factbook and other . However, it still remains among the 15% top exporters of refined petroleum products globally. Saudi EXIM Bank Bank's membership in the union represents a major milestone in its role as a key facilitator of Saudi exports and reflects the growing capabilities and prospects of Saudi Arabia's trade sector. 93. [21] [22] India's major exports include basmati rice, textiles and garments and machinery, while it imports organic and inorganic chemicals, metal scrap, leather, gold and oil from Saudi Arabia. Nov 18 (Reuters) - Saudi Arabia's crude oil exports rose in September for a fifth month in a row to their highest since January, the Joint Organisation Data Initiative (JODI) said on Thursday. Aquifers are a major source of water in Saudi Arabia. Oil revenues account for around two-thirds of the kingdom's exports. Saudi Arabia has the second-largest proven oil reserves in the world. Saudi Arabia is the largest country in the world without a river; extensive coastlines on the Persian Gulf and Red Sea allow for considerable shipping (especially of crude oil) through the Persian Gulf and Suez Canal Map description Saudi Arabia map showing major cities as well as parts of surrounding countries and water bodies. 2020. goods exports to Saudi Arabia in 2019 were $14.5 billion, up 6.5% ($889 million) from 2018 and up 34.2% from 2009. This report suggests that the largest chunk of the market will belong to the Asia-Pacific region. 4. GITEX 2018 . Countries by rank. Saudi Arabia. Overall commodity exports from Saudi Arabia decreased by 26% compared to 2019. For the first time since 2009, Saudi Arabia experienced a general government net budget deficit of 3.4% of GDP in . Fueled by enormous revenues from oil exports, the economy boomed during the 1970s and '80s. UK and Saudi Arabia trade. The value of merchandise exports from Saudi Arabia totalled $ 185 billion in 2020. Saudi Arabia possesses around 17 per cent of the world's proven petroleum reserves. The kingdom will outpace the dynamic Asian giants of China, India, Indonesia, South Korea and Taiwan, grow much. During the same period, its oil exports to the U.S. have dropped by nearly two-thirds. Saudi Arabia is America's 22nd-largest goods trading partner and the second-largest U.S. goods export market in the Gulf region behind the UAE. The country also exported 41.8 percent of its . Saudi Arabia is the 32nd largest importer in the world and the annual value of its imports has fallen $32.4 billion in the last five years from $168 billion to $136 billion. Major imports are machinery and transport equipment, foodstuffs and animals, and chemicals and chemical products. The Saudi Export Development Authority (Saudi Exports) is at the Big 5 Construct Nigeria, a major construction industry event, being held in capital Lagos, under the identity "Made in Saudi" with 15 national companies taking part under its umbrella. The value of Spanish exports also dramatically . Having control of 18% of the world's oil reserves, Saudi Arabia is the world's largest exporter of this precious commodity. The . In addition, Saudi farmers also grow substantial amounts of other grains such as barley, sorghum, and millet. is a global showcase for the food industry that brings the key producers and buyers together with a focus on the worlds major cha. Government efforts to increase economic diversification and investment, demonstrated by a new draft corporate law and a greater focus on privatisations, will shape . Saudi Arabia Exports By Country - was last updated on Tuesday, September 27, 2022. . Workshop Description:The course aims to publicize the concept and importance of trade compliance. 16 Aug, 2022 Read More. Given the growth and diversification of Saudi Arabia's economy and the Kingdom's desire to diversify the power mix, the Kingdom continues to be the most important market for electricity generation technology and equipment in the Middle East. The highest exports from Saudi Arabia are: Crude oil ($110B) Refined Petroleum ($14.1B) . Merchandise Trade statistics data for Saudi Arabia (SAU) including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and MFN tariff along with most exported and imported product groups, along with development indicators such as GDP, GNI per capita, trade balance and trade as percentage of GDP for Most Recent Year. The PRIX index forecasts the effect of political developments on exports from major petroleum-producing countries. For example, Saudi Arabia's Exports rank is higher than 83.96% of the countries in the dataset. Saudi Arabia will be the world's fastest-growing major economy in 2022, outperforming the dynamic Asian giants of China, India, Indonesia and South Korea, as well as the struggling G7 and other major emerging economies. Dates, once a staple of the Saudi diet, are now mainly grown for global humanitarian aid. Saudi Arabia's health and social affairs budget for 2019 outlines an 8% increase to $46 billion as compared to $42.4 billion in 2018. As one of the worlds largest oil producers, the country was responsible for 11% of global production in 2020. Saudi Arabia's economy is highly dependent on oil exports (87 percent of total exports) and the state-owned firm Aramco is the world's largest oil producing and exporting company. 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