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RIYADH: Oil and fertilizer exports helped Saudi Arabia document a 39 % surge in commerce with the US in 2022, demonstrating strengthening ties between the 2 nations.
Based on a report by the US-Saudi Enterprise Council, the full commerce worth reached SR130 billion ($34.7 billion), fueled by each an uptick in Saudi oil exports and a record-breaking non-oil commerce.
Notably, non-oil exports from Saudi Arabia to the US in 2022 touched SR10.1 billion, marking a ten % improve from the earlier yr.
This marked the very best annual stage of non-oil exports to the US in consecutive years, showcasing the Kingdom’s concentrated efforts to diversify its export portfolio past the downstream petroleum trade.
Within the oil sector, Saudi exports to the US noticed an 84 % improve, reaching SR77.9 billion.
This was largely attributed to the suspension of oil imports from Russia, coupled with the elevated demand from the transportation and industrial sectors within the US.
Fertilizers topped the non-oil export listing, accounting for SR3 billion of commerce and witnessing an 18 % year-on-year progress.
The US maintained its place because the second-largest supply of products for Saudi Arabia, underscoring the Kingdom’s diversified export portfolio.
“The rising commerce relationship between Saudi Arabia and the US is indicative of the sturdy financial ties and mutual advantages shared by the 2 nations,” Albara’a Alwazir, director of financial analysis on the US-Saudi Enterprise Council, acknowledged.
Amid the Russian-Ukraine battle, Saudi Arabia bolstered its oil manufacturing from 9.1 million barrels per day in 2021 to 10.5 million bpd in 2022 to cater to the burgeoning demand.
The surge in oil exports contributed considerably to Saudi Arabia’s record-high oil revenues of SR1.2 trillion in 2022, leading to a funds surplus of SR104 billion.
“The growth of non-oil exports from Saudi Arabia to the US, coupled with the surge in oil exports, displays the profitable efforts of each nations to diversify their commerce portfolios and capitalize on their respective strengths,” Alwazir added.
Natural chemical substances and metals additionally posted strong progress, with exports amounting to SR2.4 billion and SR1.9 billion, respectively.
Louisiana, Texas, and North Carolina emerged because the main states for non-oil imports from Saudi Arabia.
Louisiana led the way in which with imports valued at SR2.7 billion, dominated by fertilizers. Texas and North Carolina adopted with imports amounting to SR1.4 billion and SR997 million, respectively.
From the US, Saudi Arabia acquired a various array of products, together with electrical, mechanical, industrial, agricultural, and pharmaceutical merchandise.
Probably the most important non-oil export from the US was motor autos, amounting to SR8 billion, a 12 % improve from the earlier yr.
Different export classes included nuclear reactors, boilers, equipment, electrical equipment, and numerous chemical merchandise.
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