{"id":18558,"date":"2019-03-14T14:08:20","date_gmt":"2019-03-14T14:08:20","guid":{"rendered":"https:\/\/www.tradefinanceglobal.com\/?post_type=exports&p=18558"},"modified":"2024-08-05T13:12:58","modified_gmt":"2024-08-05T13:12:58","slug":"saudi-arabia","status":"publish","type":"exports","link":"https:\/\/www.tradefinanceglobal.com\/exports\/saudi-arabia\/","title":{"rendered":"Exporting to Saudi Arabia"},"content":{"rendered":"\n
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\n Exporting to Saudi Arabia <\/h2>\n
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Last updated on 05 Aug 2024<\/div>\n
14 Mar 2019 . 2 min read<\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n
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Saudi Arabia Quick Links<\/h4>\n <\/div>\n
\n \n Importing from Saudi Arabia <\/a>\n \n Exporting to Saudi Arabia <\/a>\n \n Saudi Export Development Authority | Export Credit Agency (ECA) in Saudi Arabia <\/a>\n \n Saudi Arabia Export Program (SEP) | Export Credit Agency (ECA) in Saudi Arabia <\/a>\n <\/div>\n<\/div>\n\n\n

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Top 5 Import Partners<\/h4>\n <\/div>\n
\n \n Import from China <\/a>\n \n Import from United States <\/a>\n \n Import from Germany <\/a>\n \n Import from Japan <\/a>\n \n Import from United Arab Emirates <\/a>\n <\/div>\n<\/div><\/div>\n\n\n\n
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Saudi Arabia Country Profile<\/h3>\n

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Official Name (Local Language) Al Mamlakah al Arabiyah as Suudiyah<\/strong><\/p>\n

Capital Riyadh<\/strong><\/p>\n

Population 28,160,273<\/strong><\/p>\n

Currency Saudi Riyal<\/strong><\/p>\n

GDP\u00a0$637.8 billion<\/strong><\/p>\n

Languages Arabic<\/strong><\/p>\n

Phone Dial In 966<\/strong><\/p>\n<\/div><\/div>\n\n\n\n

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Saudi Arabia Imports Profile<\/h3>\n

Imports ($m USD) 129,796<\/strong><\/p>\n

Number of Import Products 4,321<\/strong><\/p>\n

Number of Import Partners 172<\/strong><\/p>\n

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Saudi Arabia Economic Statistics<\/h2>\n\n\n\n





Government Website<\/strong><\/td>		https:\/\/www.saudi.gov.sa\/<\/a><\/td><\/tr>
Sovereign Ratings<\/strong><\/td>https:\/\/countryeconomy.com\/ratings\/saudi-arabia<\/a><\/td><\/tr>
Central Bank<\/strong><\/td>Saudi Arabian Monetary Authority<\/td><\/tr>
Currency USD Exchange Rate<\/strong><\/td>3.75<\/td><\/tr>
Unemployment Rate<\/strong><\/td>11.2%<\/td><\/tr>
Population below poverty line<\/strong><\/td>NA<\/td><\/tr>
Inflation Rate<\/strong><\/td>4.4<\/td><\/tr>
Prime Lending Rate<\/strong><\/td>2.5%<\/td><\/tr>
GDP<\/strong><\/td>$637.8 billion<\/td><\/tr>
GDP Pro Capita (PPP)<\/strong><\/td>$54,100<\/td><\/tr>
Currency Name<\/strong><\/td>Saudi Riyal
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Currency Code<\/strong><\/td>SAR<\/td><\/tr>
World Bank Classification<\/strong><\/td>High Income
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Competitive Industrial Performance<\/strong><\/td>29\/138
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Corruption Perceptions Index<\/strong><\/td>57\/180
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Ease of Doing Business<\/strong><\/td>92\/190
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Enabling Trade Index<\/strong><\/td>67\/136<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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Silvia Andreoletti<\/div>\n
\n Silvia is a Reporter at Trade Finance Global. She is also currently finishing her BA in Philosophy, Politics, and Economics at New College, Oxford, with a focus on financial markets, game theory, and international relations. <\/div>\n
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\n Access trade, receivables and supply chain finance <\/h4>\n

We assist companies to access trade and receivables finance through our relationships with 270+ banks, funds and alternative finance houses.<\/p>\n \n Get Started<\/span>\n <\/a>\n<\/div><\/div>\n\n\n\n

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Exporting to Saudi Arabia<\/h2>\n\n\n\n

Saudi Arabia is the largest economy in the Middle East and the richest Arab country. Saudi Arabia\u2019s main imports are machinery and vehicles, with Japan as the top source for the latter and China, the US, and the UAE as other import sources. It has a sizable and steady trade surplus, thanks in large part to its fuel exports; however, growth has been slowly decreasing due to oil production cuts in recent years. <\/p>\n\n\n\n

The government has been focused on fostering non-oil development and has enacted a number of business-friendly measures as a result, including a new set of laws that protect investors\u2019 rights and reduce the cost of doing business. The Public Investment Fund (PIF), Saudi Arabia\u2019s sovereign wealth fund, has been deploying capital to finance infrastructure megaprojects and to stimulate private sector investment. Non-oil growth is projected to be high this year, driven by the tourism, healthcare, and insurance sectors. However, measures to encourage diversification may hurt importers: companies are strongly encouraged and in some areas even required to purchase goods and services from domestic suppliers, and the government has set a goal for at least half of all defence materials used by the Saudi army to be produced locally by 2030. <\/p>\n\n\n\n

The country\u2019s official constitution is the Quran, and all government business must be Shari\u2019a compliant. All banking, insurance and financial products must therefore be compatible with Islamic law. The absolute value of Sharia principles means foreign judgments or legal precedence can easily be overruled. Saudi Arabian government agencies are very rarely allowed to agree to international arbitration, and enforcement of foreign arbitration awards can also prove difficult. However, reforms passed in 2023 have made legal proceedings smoother and more consistent with international law.<\/p>\n\n\n\n

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Exporting to Saudi Arabia: What is trade finance?<\/h2>\n\n\n\n

Saudi Arabia sits as the fifth largest export economy in the world and is the forty-second most complex economy according to the Economic Complexity Index (ECI). It is the world\u2019s main producer and exporter of petroleum products, and acts as the second largest oil producer after Russia. On average, Saudi Arabia exports around $600B of goods and imports around $150B, which results in a positive trade balance of around $450B. It is estimated that the GDP of Saudi Arabia is around $750B with a GDP per capita of around $50k.<\/p>\n\n\n\n

When looking at products that are exported, the main items are crude petroleum, (around $520B), refined petroleum ($30B) and petroleum gas (around $12B) and propylene polymers (around $11B). The main countries of export are Asia (almost $200B), North and Central America ($54B), China ($48B), the United States (around $45B) and Japan (over $40B).<\/p>\n\n\n\n

In terms of geography, Saudi Arabia borders the United Arab Emirates, Jordan, Iraq, the United Arab Emirates, Kuwait, Oman, Qatar and Yemen by land and Egypt, Eritrea, Bahrain, Sudan and Iran by sea.<\/p>\n\n\n\n

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Chart Showing GDP Growth Compared to rest of world<\/h2>\n\n\n
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