U.S.-Saudi Trade Reaches $43 Billion in 2010
Trade data provided by the U.S. Census Bureau shows that the value of imports and exports between the U.S. and Saudi Arabia reached $43.01 billion (SR161.29 billion) in 2010, a 30.9 percent increase from 2009. The large growth from 2009 to 2010 is evidence of a recovering global economy and the increasing investment opportunities available in the Kingdom. U.S. companies exported $11.59 billion (SR43.46 billion) worth of goods and services to the Kingdom, while the U.S. imported $31.42 billion (SR117.83 billion) worth of Saudi products and services.
Representing more than 40 percent of total exports to Saudi Arabia, transportation equipment was the most-exported product in 2010 and responsible for $4.72 billion (SR17.7 billion) worth of trade. Other major commodities exported to the Kingdom included machinery, chemicals, computer and electronic products, and electrical equipment and components.
In terms of export value, Texas led the U.S. with $2.46 billion (SR9.22 billion) worth of exports to Saudi Arabia, followed by Michigan, California, Maryland, and New Jersey. Together, the top 5 states exported more than $5.27 billion (SR19.76 billion) worth of goods and services to Saudi Arabia in 2010, representing 45.6 percent of the country’s total exports to the Kingdom. In addition, 28 states increased the value of their exports in 2010 over the previous year.
Top 5 State Exporters to Saudi Arabia
U.S. Census Bureau
In March 2010, U.S. President Barak Obama launched the National Export Initiative, which aims to double total U.S. exports to $3.14 trillion (SR11.78 trillion) by 2015. Under this initiative, Saudi Arabia has been identified as one of six “next tier” markets where the government will focus its trade promotion efforts. U.S. export growth to Saudi Arabia will be driven by investments in energy and infrastructure projects, in addition to the Kingdom’s expanding consumer market which is a result of the country’s rapidly growing population.