Trade exchange between Saudi Arabia and the United States of America amounted to a staggering SAR3.1 trillion in the past 24 years.
During the 1991-2014 period, trade balance remained heavily in favour of Saudi Arabia, the world’s largest oil exporter, accounting for roughly 70.3 per cent or SAR2.1trn of the total value of bilateral trade.
According to data compiled and analysed by Al Eqtisadiah, the two-way Saudi-US trade exchange retreated in the past three years, as the kingdom started to look into new markets for its exports.
In 2014, trade exchange between the two countries stood at SAR247.1trn, compared with SAR282.3trn in 2013 and SAR287.1trn in , the data indicates.
However, the US remained Saudi Arabia’s top trade partner throughout that period except for four years – 2005, 2006, 2009 and 2010 – when it was ranked as its second-top trading partner.
The year 2012 was the top year in terms of trade exchange, which hit its all-time high at SAR287.1bn, for the two countries.
In 1998, the trade exchange was in favour of the US, with a marginal surplus of SAR289bn, according to the data.
Top Saudi imports to the US include crude oil and its products, ethylene glycol monobutyl ether, urea fertiliser, pipes and tubes, stainless steel and aromatic hydrocarbons.
Main exports from the US include SUVs, aircraft engines, helicopters and spare parts of fixed-wing planes.