• Analysis and Studies
• Saudi Arabia: a look at the market

Saudi Arabia, officially known as the Kingdom of Saudi Arabia, is a country located in the Middle East on the Arabian Peninsula. Saudi Arabia, known as the birthplace of Islam and housing Islam's two most sacred sites in Mecca and Medina, bestows upon its king the title of Custodian of the Two Holy Mosques. The modern Saudi nation was established in 1932. Renowned as a prominent producer of oil and natural gas, it holds approximately 17% of the world's confirmed oil reserves as of 2020. The government is actively engaged in pursuing economic reforms and diversification, especially since Saudi Arabia's entry into the World Trade Organization (WTO) in 2005, and is actively encouraging foreign investment in the country.

Saudi Arabia is a high-income economy in the Middle East primarily reliant on oil. It holds a leadership position within OPEC. The country is actively working to broaden its economic activities. However, it faces challenges such as decreasing per-person income, a youthful workforce, significant skill shortages, a cumbersome bureaucracy with rising corruption, notable poverty rates, and a limited focus on innovation in its economy.

A look at the market

In 2021, Saudi Arabia held the 18th position globally in terms of its Gross Domestic Product (GDP) in current US dollars. It ranked 26th in total exports and 32nd in total imports. However, its GDP per capita in current US dollars placed it at the 39th position worldwide.

Saudi Arabia's primary exports included Crude Petroleum ($138 billion), Refined Petroleum ($35.9 billion), Ethylene Polymers ($12.5 billion), Propylene Polymers ($7.13 billion), and Acyclic Alcohols ($5.39 billion). Its major export destinations were China ($48.7 billion), India ($25.6 billion), Japan ($24.1 billion), South Korea ($21.5 billion), and the United Arab Emirates ($14 billion).

Notably, in 2021, Saudi Arabia held the position of the world's largest exporter of Crude Petroleum, with exports valued at $138 billion.

On the import side, Saudi Arabia's key imports included Cars ($12.1 billion), Refined Petroleum ($7.43 billion), Broadcasting Equipment ($4.29 billion), Gold ($3.65 billion), and Packaged Medicaments ($3.13 billion). The country mainly imported these goods from China ($29 billion), the United Arab Emirates ($22.3 billion), the United States ($11.6 billion), India ($8.69 billion), and Germany ($6.42 billion).

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