In this page: Foreign Trade in Figures | Trade Compliance | Standards
Saudi Arabia was the 26th largest exporter of goods and the 32nd largest import market in the world in 2022, with foreign trade representing 59% of its GDP (World Bank, 2023). Petroleum products represent a large majority of exports, followed by petrochemical products (propylene, ethylene, etc.), covering around 78.6% of all exports in 2020. Machinery and electrical equipment account for the largest share of imports, followed by automobile, chemical and metal products.
Saudi Arabia's main export partners are the UAE, China, India, Egypt and The United States. The country’s imports come chiefly from China, the United States, UAE, India and Germany (data World Bank, 2023). In order to promote international trade, attract foreign investment and diversify the non-oil sectors, the government announced plans to establish four “economic cities” in different regions of the country, providing a variety of advantages to companies that choose to locate their operations within their limits.
The country's trade balance, although structurally in surplus, fluctuates depending on the price of oil and global demand. In 2021, exports totalled USD 276.17 billion against USD 152.85 billion of imports. In the same year, the Kingdom exported USD 9.7 billion worth of services, importing USD 62 billion (WTO, 2023). According to data from the General Authority for Statistics, overall merchandise exports increased by 59% in 2021 with the share of oil exports in total exports reaching 74.9%. The GDP Growth of the Non Oil Sector in Saudi Arabia decreased to 5.99 percent in the third quarter of 2022 from 8.19 percent in the second quarter of 2022 (World Bank latest data available).
Foreign Trade Values | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 137,065 | 153,163 | 137,998 | 152,849 | 189,877 |
Exports of Goods (million USD) | 294,373 | 261,603 | 173,854 | 276,179 | 411,184 |
Imports of Services (million USD) | 83,952 | 78,660 | 56,264 | 73,281 | 82,801 |
Exports of Services (million USD) | 20,529 | 24,243 | 8,984 | 10,303 | 31,893 |
Source: World Trade Organisation (WTO), Latest data available.
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Foreign Trade (in % of GDP) | 62.0 | 60.2 | 49.7 | 57.5 | 63.1 |
Trade Balance (million USD) | 168,749 | 121,336 | 47,944 | 136,464 | 234,688 |
Trade Balance (Including Service) (million USD) | 105,327 | 66,919 | 664 | 73,486 | 183,780 |
Imports of Goods and Services (Annual % Change) | 2.6 | 9.6 | -19.7 | 8.3 | 12.0 |
Exports of Goods and Services (Annual % Change) | 7.2 | -5.0 | -10.6 | 1.0 | 18.7 |
Imports of Goods and Services (in % of GDP) | 24.8 | 26.1 | 24.8 | 24.5 | 23.2 |
Exports of Goods and Services (in % of GDP) | 37.2 | 34.1 | 24.9 | 33.0 | 39.9 |
Source: World Bank, Latest data available.
Foreign Trade Forecasts | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 1.3 | 6.5 | 7.7 | 6.0 | 6.5 |
Volume of imports of goods and services (Annual % change) | 8.7 | 4.6 | 6.9 | 6.2 | 5.9 |
Source: IMF, World Economic Outlook, Latest data available.
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
---|---|
United Arab Emirates | 5.1% |
China | 3.8% |
India | 3.2% |
Egypt | 2.7% |
United States | 1.7% |
See More Countries | 83.4% |
Main Suppliers (% of Imports) |
2021 |
---|---|
China | 19.8% |
United States | 10.6% |
United Arab Emirates | 8.2% |
India | 5.3% |
Germany | 4.9% |
See More Countries | 51.2% |
Source: UN Comtrade Database, Latest data available.
Source: UN Comtrade Database, Latest data available.
To go further, check out our service Import/Export Flows.
19.7 bn USD of services exported in 2018 | |
---|---|
70.17% | |
22.94% | |
3.45% | |
1.52% | |
1.43% | |
0.38% | |
0.12% |
83.8 bn USD of services imported in 2018 | |
---|---|
34.36% | |
19.85% | |
18.74% | |
12.43% | |
7.64% | |
2.97% | |
2.04% | |
1.96% |
Source: United Nations Statistics Division, Latest data available.
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.
Monetary Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|
Saudi Riyal (SAR) - Average Annual Exchange Rate For 1 MAD | 0.38 | 0.39 | 0.40 | 0.40 | 0.39 |
Source: World Bank, Latest data available.
Find out all the exchange rates daily on our service Currency Converter.
To go further, check out our service Shipping Documents.
Saudi Arabia forbids imports of certain items for religious or security reasons. It bans imports of alcohol and of non-medical drugs, and also most non-Islamic religious materials and other materials deemed offensive to Islamic principles. Weapons and electronic equipment are tightly controlled for security reasons. For meats, a sanitary certificate is required, and should be delivered by the veterinarian services of the exporter country, as well as a slaughter certificate according to the Islamic rites, which is delivered by the Competent Islamic Authority of the exporter country. These documents should be signed either by the "bilateral" Chamber of Commerce or by the Ministry of Foreign Affairs.
International Standard Organisation (ISO)
Ministry of Commerce and Industry is responsible for Certificate of Conformity (CoC) which is mandatory for all consumer goods entering the country.
Communications and Information Technology Commission (CITC) regulates import of telecommunications and IT products and services.
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Latest Update: November 2023