Importing from Saudi Arabia

Saudi Arabia Import Guide | Trade Finance Global

Importing from Saudi Arabia

The Kingdom of Saudi Arabia sits as the main economy in the Arab world and in terms of GDP, is 25% of the Gross Domestic Product; which mirrors the level of oil reserves when compared to the world. The imports in Saudi Arabia increased to almost 140000 million SAR in the second quarter of 2015 from just over 135000 Million SAR in the first quarter of 2015. On average, imports in Saudi Arabia averaged out at a level of 95000 Million SAR from around 1970 until 2015, reaching a high of 220000 Million SAR at the end of 2005 and a trough of around 2500 Million SAR at the end of 1968.

Saudi Arabia Country Profile

Official Name (Local Language) Al Mamlakah al Arabiyah as Suudiyah
Capital Riyadh
Population 28,160,273
Currency Saudi Riyal
GDP $637.8 billion
Languages Arabic
Telephone Dial In 966

Saudi Arabia Exports Profile

Exports ($m USD)

207,572

Number of Export Products

3,352

Number of Export Partners

162

Top 5 export partners

Country

Trade

% Partner Share

Unspecified

164,154

79.08

United Arab Emirates

6,567

3.16

India

2,458

1.18

Singapore

2,219

1.07

Top 5 Export Products at HS 6 digit level

Export Product

Number

Petroleum oils and oils obtained from bituminou

65.6%

Petroleum oils, etc, (excl. crude); preparation

11.4%

Polypropylene, in primary forms

3.9%

Polyethylene having a specific gravity >=0.94,

2.1%

Polyethylene having a specific gravity <0.94, i

1.8%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Sauid Arabia

Agriculture

%

Product List

2.4%

Wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk

Industry

%

Industry List

42.9%

Crude oil production, petroleum refining, basic petrochemicals, ammonia, industrial gases, sodium hydroxide (caustic soda), cement, fertilizer, plastics, metals, commercial ship repair, commercial aircraft repair, construction

Services

%

Product List

54.7%

Importing from Saudi Arabia: What is trade finance?

Saudi Arabia is the largest economy in the Middle East and the richest Arab country. The policy of large-scale public works undertaken by the Government, as well as foreign direct investment and the soundness of the banking and financial system, have enabled the country to become the number one regional economy and one of the largest in the world. However, the economy of Saudi Arabia is almost entirely based on oil. GDP growth has been gradually declining since 2015 to a point where the economy moved into a recession in 2017 (-0.5%).

Information

Saudi Arabia_Map

Importing from Saudia Arabia? Contact our local experts

Saudi Arabia_Flag

Saudi Arabia Economic Statistics

Government Website

https://www.saudi.gov.sa/

Sovereign Ratings

https://countryeconomy.com/ratings/saudi-arabia

Central Bank

Saudi Arabian Monetary Authority

Currency USD Exchange Rate

3.75

Unemployment Rate

11.2%

Population below poverty line

NA

Inflation Rate

4.4%

Prime Lending Rate

2.5%

GDP

$637.8 billion

GDP Pro Capita (PPP)

$54,100

Currency Name

Saudi Riyal

Currency Code

SAR

World Bank Classification

High Income

Competitive Industrial Performance

29/138

Corruption Perceptions Index

57/180

Ease of Doing Business

92/190

Enabling Trade Index

67/136

Currency in Saudia Arabia

About the Author

Brian Canup is the Editorial & Research Assistant at Trade Finance Global (TFG).

Brian holds a BA in Political Science from the University of Wisconsin-Madison and an MA in International Political Economy from King’s College London.

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