Volume Of Saudi Arabia-US Trade Relations Valued At $29.7 Billion In 2023

A report issued by the US-Saudi Business Council indicated that trade relations between Saudi Arabia and the United States continued to demonstrate flexibility and diversity in 2023, with its total volume valued at $29.7 billion. Saudi Arabia’s exports to the US amounted to $16 billion last year, of which $13.7 billion worth of crude oil. Saudi Arabia is a major supplier of oil to the US.

In the non-oil sector, Saudi exports to the US totaled $2.3 billion. Fertilizers topped these at $790 million, accounting for 35% of Saudi Arabia’s non-oil exports to the US. Additionally, organic chemicals represent 31% of total non-oil exports. According to the Saudi Press Agency, exports of inorganic chemicals, precious and rare metals, and radioactive compounds also saw a notable increase.

At the same time, US exports to Saudi Arabia also showed positive momentum last year, totaling $13.8 billion, up 20% from the previous year. The goods exported by the US include electrical and mechanical equipment, agricultural goods, and pharmaceuticals. The automotive sector remains the top US export to the Kingdom, at $2.8 billion, up 32% year-on-year. As per the report, Texas maintained the top position among US states trading with Saudi Arabia, exporting $2.9 billion worth of goods. California followed with exports of $886 million.