That projected dollar amount results from a 14% upturn from $261.5 billion five years earlier in 2019.
Year over year, Saudi Arabia’s total exports sales plummeted by -27.5% compared to $411.2 billion starting from 2022.
Top Saudi Arabian exports include crude oil, refined petroleum oils and petroleum gas. Collectively, that trio of exported mineral fuels generated well over four-fifths (83.9%) of the Middle Eastern country’s international sales.
Saudi Arabia’s Largest Trading Partners
The latest prorated data shows that 70.3% of products exported from Saudi Arabia was bought by importers in: mainland China (16.2% of Saudi’s global total), India (10.2%), Japan (9.9%), South Korea (9.2%), United States of America (5.7%), United Arab Emirates (4.3%), Egypt (3.4%), Taiwan (2.5%), Singapore (2.42%), Bahrain (2.4%), Malaysia (2.04%) and Poland (2.03%).
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From a continental perspective, 71.2% of Saudi Arabian exports by value was delivered to Asian countries while 12.5% was sold to European importers. Saudi Arabia shipped another 8.2% worth of goods to buyers in Africa.
Smaller percentages went to customers in North America (6.4%), Latin America (1.4%) excluding Mexico but including the Caribbean, then Oceania (0.4%) led by Australia and New Zealand.
Given Saudi Arabia’s population of 32.8 million people, its total $298.1 billion in 2023 exports translates to roughly $9,100 for every resident in the Middle Eastern country. That dollar metric lags the average $9,200 per person one year earlier in 2022.
Saudi Arabia’s Top 10 Exports
The following export product groups represent the highest dollar value in Saudi global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Saudi Arabia.
- Mineral fuels including oil: US$251.4 billion (84.3% of total exports)
- Plastics, plastic articles: $16 billion (5.4%)
- Organic chemicals: $12.2 billion (4.1%)
- Fertilizers: $4.3 billion (1.5%)
- Aluminum: $1.76 billion (0.6%)
- Inorganic chemicals: $1.48 billion (0.5%)
- Aircraft, spacecraft: $1.37 billion (0.5%)
- Gems, precious metals: $1.26 billion (0.4%)
- Copper: $1.14 billion (0.4%)
- Rubber, rubber articles: $768.6 million (0.3%)
Saudi Arabia ’s top 10 export product categories accounted for 97.9% of the overall value of its global shipments.
Aircraft and spacecraft was the fastest grower among the top 10 export categories, up by 144.2% since 2022.
The other gainer for Saudi export sales was rubber both as materials and items made from rubber, up by 7.6%.
The leading decliner among the top 10 Saudi Arabian export categories was inorganic chemicals, pulled down by a -54% slowdown.
Products Driving Biggest Saudi Trade Surpluses
Saudi Arabia garnered an estimated US$145.1 billion surplus in 2023, shrinking by -34.4% from $221.3 billion in black ink one year earlier in 2022.
The following types of Saudi product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Mineral fuels including oil: US$247.9 billion (Down by -20.7% since 2022)
- Plastics, plastic articles: $12.2 billion (Down by -33.5%)
- Organic chemicals: $9.9 billion (Down by -24.7%)
- Fertilizers: $4.2 billion (Down by -40.5%)
- Aluminum: $749.8 million (Down by -32.2%)
- Inorganic chemicals: $621.6 million (Down by -62.4%)
- Salt, sulphur, stone, cement: $504.4 million (Up by 180.5%)
- Ores, slag, ash: $244.7 million (Down by -63.4%)
- Lead: $91.7 million (Down by -15.6%)
- Other base metals: $61.3 million (Reversing a -$3 million deficit)
Saudi Arabia has positive net exports in the international trade of petroleum, first and foremost crude oil but also refined petroleum oils and petroleum gases. In turn, these cashflows indicate Saudi Arabia’s strong competitive advantages under the mineral fuels including oil category.
Products Causing Largest Saudi Trade Deficits
Below are exports from Saudi Arabia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Saudi Arabia’s goods trail Saudi importer spending on foreign products.
- Vehicles: -US$22.7 billion (Up by 28.6% since 2022)
- Machinery including computers: -$19.7 billion (Up by 4.2%)
- Electrical machinery, equipment: -$15 billion (Up by 15.8%)
- Pharmaceuticals: -$5.8 billion (Down by -14.7%)
- Gems, precious metals: -$4.19 billion (Down by -29.3%)
- Articles of iron or steel: -$4.18 billion (Up by 36.7%)
- Optical, technical, medical apparatus: -$4 billion (Down by -0.8%)
- Furniture, bedding, lighting, signs, prefabricated buildings: -$3.9 billion (Up by 50.9%)
- Cereals: -$3.23 billion (Down by -47.5%)
- Aircraft, spacecraft: -$3.21 billion (Up by 98%)
Saudi Arabia has highly negative net exports and therefore deep international trade deficits for cars, trucks and automotive parts or accessories under the vehicles product category.
Saudi Export Companies
Twenty Saudi corporations rank among Forbes Global 2000. The following companies are selected examples of leading companies headquartered in Saudi Arabia.
- Petro Rabigh (diversified chemicals)
- Saudi Arabian Fertilizers (specialized chemicals)
- Saudi Arabian Mining (diversified metals, mining)
- Saudi Basic Industries (diversified chemicals)
- Savola Group (food processing)
Wikipedia also lists exporters from Saudi Arabia. Selected examples are shown below.
- Almarai (food processing)
- Petro Rabigh (diversified chemicals)
- Saudi Arabian Fertilizers (specialized chemicals)
- Saudi Arabian Mining (diversified metals)
- Saudi Aramco (oil, gas)
- Saudi Basic Industries (diversified chemicals)
- Savola Group (food processing)
- Tasnee (petrochemicals)
According to global trade intelligence firm Zepol, the following firms represent smaller exporters from Saudi Arabia.
- Al Abeiry PVC Hose Factory (tubes/pipes/hoses, building/monument granite, furniture)
- Batook Chewing Gum Industries (turpentine oils, menthol, wines)
- Saudi Aramco Oil (petroleum)
- Saudi Basic Industries (acyclic hydrocarbons, polyethylene)
- Yamama Granite Marble (building/monument granite, wooden boxes/cases/crates)
In macroeconomic terms, Saudi Arabia’s total exported goods in 2023 represent 13.3% of its overall Gross Domestic Product ($2.242 trillion valued in Purchasing Power Parity US dollars). That 13.3% for exports to overall GDP in PPP for 2023 compares to 14.9% for 2022, Those percentages suggest a relatively decreasing reliance on products sold on international markets for Saudi’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Saudi Arabia’s unemployment rate averaged 4.88% at 2023, down from an average 5.59% for one year earlier according to metrics portal Statista.
Saudi Arabia’s capital city is Riyadh.
See also Saudi Arabia’s Top 10 Imports, China’s Top Trading Partners, India’s Top Trading Partners, Turkey’s Top Trading Partners and Singapore’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Middle East: Saudi Arabia. Accessed on July 18, 2024
Forbes 2023 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on July 18, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on July 18, 2024
International Trade Centre, Trade Map. Accessed on July 18, 2024
Investopedia, Net Exports Definition. Accessed on July 18, 2024
Wikipedia, Gross domestic product. Accessed on July 18, 2024
Wikipedia, List of Companies of Saudi Arabia. Accessed on July 18, 2024
Wikipedia, Purchasing power parity. Accessed on July 18, 2024
Wikipedia, Saudi Arabia. Accessed on July 18, 2024
Zepol’s company summary highlights by country. Accessed on July 18, 2024