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Value of Saudi-US Trade Totals $34.7 Billion

Saudi Arabia’s exports to the United States increased last year. SPA
Saudi Arabia’s exports to the United States increased last year. SPA
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Value of Saudi-US Trade Totals $34.7 Billion

Saudi Arabia’s exports to the United States increased last year. SPA
Saudi Arabia’s exports to the United States increased last year. SPA

 

Saudi Arabia’s exports to the United States increased last year, with the value of trade between the two countries totaling SAR130 billion ($34.7 billion), the US-Saudi Business Council said in a report.

The value of trade rose 39 percent on the back of Saudi oil exports and record non-oil exports to the US, according to the US-Saudi Trade Review 2023.

It said Saudi non-oil exports to the US totaled SAR10.1 billion ($2.7 billion), rising 10 percent from the previous year. This marked the highest annual level of non-oil exports from Saudi Arabia to the US on record for the second straight year.

Oil exports to the US dramatically rose 84 percent owing to a combination of halting oil imports from Russia and growing demand from the transportation and industrial sectors in the US.

Saudi Arabia increased its oil production from 9.1 million barrels per day (mbpd) in 2021 to 10.5 mbpd in 2022 to meet the increased US demand for oil.

Official figures show government oil revenues reached SAR1.2 trillion ($326 billion) in 2022, which contributed to a budget surplus of SAR104 billion ($27.7 billion).

Saudi exports of cement clinker to the US reached SAR90 million ($24 million), as the Kingdom exported a record 8.94 million tons globally during 2022.

Louisiana was the top US importer of non-oil goods from Saudi Arabia, followed by Texas and North Carolina.

US exports to Saudi Arabia were diversified across a range of electrical, mechanical, industrial, agricultural, and pharmaceutical goods. Motor vehicles remain the largest non-oil US export to Saudi Arabia, totaling SAR8 billion ($2.1 billion), up 12 percent YoY in 2022.

The second largest export category was ‘Nuclear reactors, Boilers, Machinery, Etc.; Parts,’ which represented 15 percent of US goods exported to Saudi Arabia in 2022. This segment was valued at SAR6.7 billion ($1.8 billion).

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.