Saudi Arabia2021 Economic Complexity Trade : 0.9, Rank 31 of 131
2021 Economic Complexity Technology : 0.98, Rank 23 of 96
2021 Economic Complexity Research : 0.029, Rank 59 of 140
2021 Product Exports | Imports: $256B | $153B, 26 of 226 | 32 of 226
2021 Per Capita Product Exports | Imports: $7.24k | $4.34k, 68 of 219 | 93 of 219
Overview In 2021, Saudi Arabia was the number 18 economy in the world in terms of GDP (current US$), the number 26 in total exports, the number 32 in total imports, the number 39 economy in terms of GDP per capita (current US$) and the number 31 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of Saudi Arabia are Crude Petroleum ($138B), Refined Petroleum ($35.9B), Ethylene Polymers ($12.5B), Propylene Polymers ($7.13B), and Acyclic Alcohols ($5.39B), exporting mostly to China ($48.7B), India ($25.6B), Japan ($24.1B), South Korea ($21.5B), and United Arab Emirates ($14B).
In 2021, Saudi Arabia was the world's biggest exporter of Crude Petroleum ($138B), Propylene Polymers ($7.13B), Acyclic Alcohols ($5.39B), Other Sea Vessels ($924M), and Tug Boats ($920M)
Imports The top imports of Saudi Arabia are Cars ($12.1B), Refined Petroleum ($7.43B), Broadcasting Equipment ($4.29B), Gold ($3.65B), and Packaged Medicaments ($3.13B), importing mostly from China ($29B), United Arab Emirates ($22.3B), United States ($11.6B), India ($8.69B), and Germany ($6.42B).
In 2021, Saudi Arabia was the world's biggest importer of Iron Reductions ($1.84B), Tanks and Armored vehicles ($1.56B), Sheep and Goats ($512M), Nutmeg, mace and cardamons ($220M), and Non-powered Aircraft ($39.9M)
Location Saudi Arabia borders Iraq, Jordan, Kuwait, Oman, Qatar, United Arab Emirates, and Yemen by land and Bahrain, Egypt, Eritrea, Iran, and Sudan by sea.
February, 2023
Overview In February 2023 Saudi Arabia exported SAR101B and imported SAR54.6B, resulting in a positive trade balance of SAR46B. Between February 2022 and February 2023 the exports of Saudi Arabia have decreased by SAR-7.4B (-6.85%) from SAR108B to SAR101B, while imports increased by SAR7.94B (17%) from SAR46.6B to SAR54.6B.
Trade In February 2023, the top exports of Saudi Arabia were Mineral Products (SAR80.6B), Chemical Products (SAR6.93B), Plastics and Rubbers (SAR4.87B), Machines (SAR1.82B), and Metals (SAR1.8B). In February 2023 the top imports of Saudi Arabia were Machines (SAR11.7B), Transportation (SAR9.25B), Chemical Products (SAR5.71B), Metals (SAR5.53B), and Mineral Products (SAR3.19B).
Destinations In February 2023, Saudi Arabia exported mostly to jpn (SAR10.2B), ind (SAR9.86B), kor (SAR8.22B), usa (SAR5.09B), and are (SAR4.77B), and imported mostly from United States (SAR5.06B), United Arab Emirates (SAR3.81B), India (SAR3.33B), Germany (SAR2.58B), and Japan (SAR2.28B).
Growth In February 2023, the decrease in Saudi Arabia's year-by-year exports was explained primarily by an decrease in exports to India (SAR-3.26B or -24.8%), South Korea (SAR-3.07B or -27.2%), and Egypt (SAR-2.39B or -47.9%), and product exports decrease in Mineral Products (SAR-3.7B or -4.39%), Plastics and Rubbers (SAR-2.72B or -35.8%), and Chemical Products (SAR-1.8B or -20.6%). In February 2023, the increase in Saudi Arabia's year-by-year imports was explained primarily by an increase in imports from India (SAR1.03B or 44.7%), Japan (SAR731M or 47.2%), and United Arab Emirates (SAR698M or 22.4%), and product imports increase in Transportation (SAR2.89B or 45.5%), Machines (SAR2.07B or 21.4%), and Precious Metals (SAR869M or 65.5%).
EXPORT GROWTH (February 2022 - February 2023): SAR-7.4B, (-6.85%)
IMPORT GROWTH (February 2022 - February 2023): SAR7.94B, (17%)
MAIN DESTINATION (February 2023): Japan, SAR10.2B
This section shows exports and imports data at subnational level for Saudi Arabia. Click any date in the line plot, or any product, destination or origin country to explore the exports or imports behavior of Saudi Arabia over time.
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Top Export (2021): Crude Petroleum, $138B
Top Destination (2021): China, $48.7B
In 2021, Saudi Arabia exported a total of $256B, making it the number 26 exporter in the world. During the last five reported years the exports of Saudi Arabia have changed by $55B from $201B in 2016 to $256B in 2021.
The most recent exports are led by Crude Petroleum ($138B), Refined Petroleum ($35.9B), Ethylene Polymers ($12.5B), Propylene Polymers ($7.13B), and Acyclic Alcohols ($5.39B). The most common destination for the exports of Saudi Arabia are China ($48.7B), India ($25.6B), Japan ($24.1B), South Korea ($21.5B), and United Arab Emirates ($14B).
Saudi Arabia Exports Services (2018): $19.7B
Saudi Arabia Imports Services (2018): $83.8B
In 2018, Saudi Arabia exported $19.7B worth of services. The top services exported by Saudi Arabia in 2018 were Travel ($13.8B), Transportation ($4.51B), Government services, n.i.e. ($678M), Financial services ($298M), and Computer and information services ($282M).
The top services imported by Saudi Arabia in 2018 were Government services, n.i.e. ($28.8B), Travel ($16.6B), Transportation ($15.7B), Other business services ($10.4B), and Construction services ($6.41B).
Saudi Arabia has a high level of specialization in Tug Boats (20.6), Alkylbenzenes and Alkylnaphthalenes (15.9), Other Sea Vessels (15.7), Blown Glass (13.5), and Ammonia (12.4). Specialization is measured using RCA, an index that takes the ratio between Saudi Arabia observed and expected exports in each product.
The highest complexity exports of Saudi Arabia according to the product complexity index (PCI) are Glass; drawn glass and blown glass, in sheets, whether or not having... (1.81), Phenols; monophenols, polyphenols, and phenol-alcohols (1.62), Epoxides, epoxyalcohols, epoxyphenols and epoxyethers; with a three-membered ring and their halogenated,... (1.58), Ketones and quinones; whether or not with other oxygen function, and their... (1.34), and Acids; unsaturated acyclic monocarboxylic, cyclic monocarboxylic, their anhydrides, halides, peroxides and peroxyacids;... (1.3). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Saudi Arabia according to the relatedness index, were Petroleum Gas (0.13), Iron Reductions (0.11), Scrap Vessels (0.1), Photographic Chemicals (0.1), and Typewriters (0.098). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Saudi Arabia is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Saudi Arabia's economy has become relatively more complex, moving from the 39th to the 31st position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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