Trade relations between Saudi Arabia and the US continued to demonstrate flexibility and diversity in 2023, as total volumes were valued at $29.7bn (SR112bn), according to a report issued by the US-Saudi Business Council.
Saudi Arabia’s exports to the US amounted to $16bn (SR60bn) in 2023, of which $13.7bn (SR51.5bn) worth of crude oil.
The Kingdom remains a major supplier of oil to the US.
US-Saudi trade flourishes on back of oil deals
In the non-oil sector, Saudi exports to the US totalled $2.3bn (SR8.5bn). Fertilizers topped these, at $790m (SR3bn), accounting for 35 per cent of Saudi Arabia’s non-oil exports to the US and recording a 2 per cent year-on-year growth.
Organic chemicals followed at $706m (SR2.6bn), representing 31 per cent of total non-oil exports. Exports of inorganic chemicals, precious and rare metals, and radioactive compounds saw a significant increase, of 7,686 per cent, reaching $12m (SR44m).
US exports to Saudi Arabia also showed positive momentum in 2023, totalling $13.8bn (SR52bn), up 20 per cent from the previous year.
The US exported goods such as electrical and mechanical equipment, industrial products, agricultural goods, and pharmaceuticals.
The automotive sector remains the top US export to the Kingdom, at $2.8bn (SR10bn), up 32 per cent year-on-year. The second largest category was “nuclear reactors, boilers, machinery and parts thereof”, which accounted for 18 per cent of the total US goods exports to KSA at $2.5bn (SR9.3bn), up 38 per cent year-on-year.
“Aircraft and parts thereof” was the third largest category, contributing $1.7bn (SR6.3bn) to US exports.
Texas maintained its leading position among US states trading with KSA, exporting $2.9bn (SR11bn) worth of goods. California followed with exports of $886m (SR3.3bn), reflecting a 12 per cent year-on-year growth.
North Carolina moved up to third place, with total exports reaching $846m (SR3.2bn), up 17 per cent year-on-year.
Director of Economic Research at the US-Saudi Business Council Albara’a Alwazir said: “The US-Saudi trade relationship remains a cornerstone of economic engagement between the two countries, reflecting shared strategic interests and evolving global dynamics.
“As the two countries move forward, growing trade and foreign direct investment (FDI) will be essential to deepening this partnership; FDI serves as a vital channel for the exchange of capital, technology, and expertise, which is especially important as Saudi Arabia works to diversify its economy beyond oil.
“The United States is well-positioned to support this transformation by investing in non-oil sectors such as manufacturing, technology, and renewable energy, areas critical to the goals of Saudi Arabia’s Vision 2030. By fostering innovation, enhancing human capital, and expanding into new industries, both countries can ensure a resilient and prosperous future, built on a foundation of mutual growth and cooperation.”
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