That dollar amount reflects a 21.6% increase from $220.1 billion in 2020 and a 51.6% acceleration from $176.5 billion in Saudi exports during 2021.
The top 3 exports of Saudi Arabia are crude oil, refined petroleum oils and petroleum gas. Collectively, that trio of exported mineral fuels generated over three-quarters of Saudi Arabian international sales.
Saudi Arabia’s Largest Trading Partners
The latest prorated data shows that 64.2% of products exported from Saudi Arabia were bought by importers in: mainland China (15.1% of Saudi’s global total), United Arab Emirates (8.9%), India (8%), Turkey (5.5%), Singapore (5%), Belgium (4.5%), Egypt (4.1%), United States of America (3.7%), Jordan (2.8%), Kuwait (2.5%), South Korea (2.05%) and Malaysia (1.95%).
From a continental perspective, 68% of Saudi Arabia’s exports by value were delivered to Asian countries while 12% were sold to European importers. Saudi Arabia shipped another 11.9% worth of goods to Africa.
Smaller percentages went to North American (3.9%), Latin America (2.8%) excluding Mexico but including the Caribbean, then Oceania (1.4%) led by Australia and New Zealand.
Given Saudi Arabia’s population of 35.5 million people, its total $267.5 billion in 2021 exports translates to roughly $7,500 for every resident in the Middle Eastern country. That dollar metric exceeds the average $5,100 per person one year earlier in 2020.
Saudi Arabia’s Top 10 Exports
The following export product groups represent the highest dollar value in Saudi global shipments during 2021. Also shown is the percentage share each export category represents in terms of overall exports from Saudi Arabia.
- Mineral fuels including oil: US$206.1 billion (77% of total exports)
- Plastics, plastic articles: $23.6 billion (8.8%)
- Organic chemicals: $14.3 billion (5.4%)
- Fertilizers: $3.6 billion (1.3%)
- Aluminum: $2.4 billion (0.9%)
- Inorganic chemicals: $2 billion (0.7%)
- Iron, steel: $1.3 billion (0.5%)
- Gems, precious metals: $1.2 billion (0.4%)
- Dairy, eggs, honey: $1 billion (0.4%)
- Copper: $916.5 million (0.3%)
Saudi Arabia ’s top 10 exports accounted for 95.8% of the overall value of its global shipments.
Fertilizers was the fastest grower among Saudi’s top 10 export categories, up by 188% since 2020.
In second place for improving export sales were the metals iron and steel which rose by 113.1%.
Saudi Arabia ‘s shipments of copper posted the third-fastest gain in value up by 77.3% year over year.
The leading decliner among the top 10 Saudi Arabian export categories was gems precious metals which fell -40.9%, weighed down by lower revenues for exported gold and jewelry.
Products Driving Biggest Saudi Trade Surpluses
Saudi Arabia earned an overall $115.2 billion surplus in 2021, up by 155% from $45.2 billion in black ink one year earlier in 2020.
The following types of Saudi product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Mineral fuels including oil: US$198.9 billion (Up by 55.9% since 2020)
- Plastics, plastic articles: $19.8 billion (Up by 52.7%)
- Organic chemicals: $12 billion (Up by 51.7%)
- Fertilizers: $3.5 billion (Up by 203.2%)
- Inorganic chemicals: $1 billion (Down by -31.1%)
- Aluminum: $864.7 million (Up by 94.2%)
- Ores, slag, ash: $533.1 million (Up by 34.4%)
- Salt, sulphur, stone, cement: $168.9 million (Up by 142.3%)
- Lead: $85.7 million (Up by 89%)
- Raw hides, skins not furskins, leather: $45.4 million (Up by 27.5%)
Saudi Arabia has positive net exports in the international trade of petroleum, first and foremost crude oil but also refined petroleum oils and petroleum gases. In turn, these cashflows indicate Saudi Arabia’s strong competitive advantages under the mineral fuels including oil category.
Products Causing Largest Saudi Trade Deficits
Below are exports from Saudi Arabia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Saudi Arabia’s goods trail Saudi importer spending on foreign products.
- Machinery including computers: -$16 billion (Up by 6.1% since 2020)
- Vehicles: -$15.2 billion (Up by 7.7%)
- Electrical machinery, equipment: -$13.1 billion (Up by 8.4%)
- Pharmaceuticals: -$6.5 billion (Up by 25.3%)
- Ships, boats: -$4.8 billion (Up by 126.3%)
- Gems, precious metals: -$4.3 billion (Reversing a $116.8 million surplus)
- Iron, steel: -$4.1 billion (Up by 5.9%)
- Optical, technical, medical apparatus: -$3.6 billion (Down by -3.1%)
- Cereals: -$3.4 billion (Up by 18.8%)
- Aircraft, spacecraft: -$3.2 billion (Up by 42.9%)
Saudi Arabia has highly negative net exports and therefore deep international trade deficits for machinery including computers, air conditioning machines and turbo-jets.
Saudi Export Companies
Twenty Saudi corporations rank among Forbes Global 2000. The following companies are selected examples of leading companies headquartered in Saudi Arabia.
- Petro Rabigh (diversified chemicals)
- Saudi Arabian Fertilizers (specialized chemicals)
- Saudi Arabian Mining (diversified metals, mining)
- Saudi Basic Industries (diversified chemicals)
- Savola Group (food processing)
Wikipedia also lists exporters from Saudi Arabia. Selected examples are shown below.
- Almarai (food processing)
- Petro Rabigh (diversified chemicals)
- Saudi Arabian Fertilizers (specialized chemicals)
- Saudi Arabian Mining (diversified metals)
- Saudi Aramco (oil, gas)
- Saudi Basic Industries (diversified chemicals)
- Savola Group (food processing)
- Tasnee (petrochemicals)
According to global trade intelligence firm Zepol, the following firms represent smaller exporters from Saudi Arabia.
- Al Abeiry PVC Hose Factory (tubes/pipes/hoses, building/monument granite, furniture)
- Batook Chewing Gum Industries (turpentine oils, menthol, wines)
- Saudi Aramco Oil (petroleum)
- Saudi Basic Industries (acyclic hydrocarbons, polyethylene)
- Yamama Granite Marble (building/monument granite, wooden boxes/cases/crates)
In macroeconomic terms, Saudi Arabia’s total exported goods in 2021 represent 15.3% of its overall Gross Domestic Product ($1.751 trillion valued in Purchasing Power Parity US dollars). That 15.3% for exports to overall GDP in PPP for 2021 compares to 10.3% for 2020, Those percentages suggest a relatively increasing reliance on products sold on international markets for Saudi’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Saudi Arabia’s unemployment rate averaged 6.65% in 2021, down from an average 7.4% for 2020 according to statistics from the International Monetary Fund.
Saudi Arabia’s capital city is Riyadh.
See also Saudi Arabia’s Top 10 Imports, China’s Top Trading Partners, India’s Top Trading Partners, Turkey’s Top Trading Partners and Singapore’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Middle East: Saudi Arabia. Accessed on June 22, 2022
Forbes 2021 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 22, 2022
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 22, 2022
International Trade Centre, Trade Map. Accessed on June 22, 2022
Investopedia, Net Exports Definition. Accessed on June 22, 2022
Wikipedia, Gross domestic product. Accessed on June 22, 2022
Wikipedia, List of Companies of Saudi Arabia. Accessed on June 22, 2022
Wikipedia, Purchasing power parity. Accessed on June 22, 2022
Wikipedia, Saudi Arabia. Accessed on June 22, 2022
Zepol’s company summary highlights by country. Accessed on June 22, 2022
