- September 28, 2023
- By: Verger Group
- in: News
All About Saudi Arabia
Saudi Arabia, also known as the Kingdom of Saudi Arabia, is a country in the Middle East. It covers the bulk of the Arabian Peninsula. It has a land area of about 830,000 sq. mi, making it the largest country in West Asia and the Middle East, the second largest in the Arab world, and the fifth-largest country in Asia.
With a population of 33.5 million people, of which 50% are below the age of 25 years, Saudi Arabia is a high-income economy. It is the only Arab country in the G20 major economies.
Saudi Arabia is an ever-growing economy spreading its wings in all directions. It demonstrates heavy competition and growth in sectors like Healthcare and Life Sciences, Industry and Manufacturing, Energy, Environmental Services, Real Estate, Chemicals, Information and Technology, Financial Services, Mining and Metals, Transport and Logistics, Pharma and Biotech, Tourism, Aerospace, and Defence.
Major Exports in Saudi Arabia
Saudi Arabia total exports reached 28.9 billion USD in December 2022. The major trade partners of Saudi Arabia are China (33.4 billion USD), India (16.8 billion USD), Japan (16.3 billion USD), South Korea (14.4 billion USD), and UAE (9.21 billion USD).
The top exports of Saudi Arabia are as follows-
- Crude Petroleum (USD 95.7 billion USD)
- Ethylene Polymers (USD 9.17 billion USD)
- Propylene Polymers (USD 5.28 billion)
- Acyclic Alcohols (USD 3.22 billion)
- Cyclic Hydrocarbons (USD 3 billion)
- Ethers (USD 2.7 billion)
- Petroleum gas (USD 4.8 billion)
- Raw Aluminium (USD 1.3 billion)
- Gold (USD 825 million)
Major Imports in Saudi Arabia
The Kingdom of Saudi Arabia imported products worth 16.6 billion USD in December 2022 compared to USD 152.3 billion in 2021.
Top Suppliers to Saudi Arabia Imports
Data shows that 67.7% of products imported to Saudi Arabia are from the following countries-
- China (20.4%)
- The United States of America (10.2%)
- United Arab Emirates (8.2%)
- India (5%)
- Germany (4.9%)
- Japan (4%)
- Italy (3%)
- Egypt (2.8%)
- France (2.7%)
- United Kingdom (2.4%)
- South Korea (2.2%)
- Bahrain (1.1%)
53.7% of the total imports to Saudi Arabia came from Asian countries, while European and North American trade partners supplied 26.1% and 11.9%, respectively. A chunk of the senses was also made from Africa (4.4%), Latin America (3.7%), and Australia (1.3%).
Imports jumped by 26.9% from last year to SAR 66.6 billion in January 2023. The significant implications have been machinery, mechanical appliances, electrical equipment, and transportation products.
Saudi Arabia’s Largest Machinery Imports
Let us check the list-
- Optical Readers
- Taps, valves, and similar appliances
- Air Conditioners
- Centrifuges, filters, and purifiers
- Water pumps
- Refrigerators, freezers
- Piston engines
- Machinery parts
Saudi Arabia’s Largest Automotive Imports
Some of the most significant imports by Saudi Arabia are in the automobile area. Let’s check the list for the top ones-
- Special purpose vehicles
- Motorcycle parts
- Bicycles and non-motorized cycles
- Automobile bodies
Saudi Arabia’s Largest Electrical Imports
In 2022, Saudi importers spent most on these items-
- Phone devices, including smartphones
- TV receivers/monitors/projectors
- Electric water heaters and dryers
- Electrical converters/power units
- Insulated wire/cable
- Lower-voltage switches, fuses
- Electric storage batteries
- Electric motors, generators
- Electrical circuit boards, panels
High-voltage fuses and batteries account for up to 48.8% of imports. Electric motors and generators come second with 32% of imports, while electric converters and power units make up 12.7% of the total implications to Saudi Arabia.
Saudi Arabia’s Largest Mineral Imports and Related Products
Petroleum gas and refined petroleum account for a large chunk of the imports to Saudi Arabia. Below is the list of substances-
- Processed petroleum oil
- Petroleum oil residues
- Tar pitch
- Petroleum gas
- Coke and semi-coke
- Petroleum jelly, mineral wax
- Natural bitumen, asphalt, shale
How can VERGER Group help you?
With the ever-increasing Saudi market and better and smooth regulations for trade and commerce in Saudi Arabia, exporters and importers can benefit greatly. As a SASO-notified certification body, we can help you realize your import/export business in Saudi Arabia and make it a reality. We work with customers to issue mandatory certificates for their products so that your imports are smooth and risk-free.