Saudi Arabia: Fertilizer exports to the US from Saudi Arabia saw an annual increase of 2 percent in 2023 as total bilateral trade reached SR112 billion ($29.7 billion), according to new figures.

A report by the US-Saudi Business Council showed that strong oil exports and growing non-oil sectors have fueled and bolstered this economic relationship, with the Kingdom’s exports to the US standing at SR60 billion over the 12-month period.

Of that, $13.7 billion was derived from crude oil, reaffirming the Kingdom’s position as a key oil supplier to the North American country.

In the non-oil sector, exports to the US amounted to SR8.5 billion, according to the Saudi Press Agency.

This came as Saudi Vision 2030 aims to position the nation as a global investment hub, focusing on diversifying the economy beyond oil.

“Trade relations between the US and Saudi Arabia remain a cornerstone of economic engagement between the two countries, reflecting shared strategic interests and evolving global dynamics,” Albara’a Al-Wazir, director of economic research at the US-Saudi Business Council, said.

He added: “As both countries progress, the growth of trade and foreign direct investment will be key to deepening this partnership. FDI serves as a vital channel for the exchange of capital, technology, and expertise, which is particularly important as Saudi Arabia works to diversify its economy beyond oil.”

Fertilizers led the non-oil exports, valued at SR3 billion, making up 35 percent of the Kingdom’s non-oil exports to the US, while organic chemicals ranked second – valued at SR2.6 billion, representing 31 percent of the total.

In 2023, inorganic chemicals, precious and rare metals, and radioactive materials experienced a significant surge of 7.686 percent, reaching $12 million.

US exports to Saudi Arabia also gained strong momentum, totaling $13.8 billion, marking a 20 percent increase from the previous year.

These exports encompassed several key industries, including electrical and mechanical equipment, industrial products, agricultural goods, and pharmaceuticals.

Automobiles continued to be the leading US export to the Kingdom, valued at $2.8 billion which reflects a 32 percent year-on-year increase.

The second-largest export category was nuclear reactors, boilers, machinery, and parts, accounting for 18 percent of total US exports to the country, with a value of $2.5 billion and a growth rate of 38 percent year-on-year.

Aircraft and parts ranked as the third-largest US export category to Saudi Arabia, contributing $1.7 billion.

Texas maintained its lead as the top US state in trade with the Kingdom, with exports totaling $2.9 billion.

California came in second, exporting $886 million, marking a 12 percent increase from the previous year.

North Carolina rose to third place with $846 million in exports, experiencing a 17 percent year-on-year growth.