The U.S.-Saudi trade relationship soared in 2022 on the back of Saudi oil exports and record non-oil exports to the U.S. The value of trade between the two countries totaled SAR130 billion ($34.7 billion), rising 39 percent from last year’s SAR93.2 billion ($24.9 billion). U.S. exports to Saudi Arabia totaled SAR43.4 billion ($11.6 billion), up 4 percent from last year. However, exports of key defense-related segments declined while electronics, industrial goods, motor vehicles, and foods expanded.
As Saudi Arabia’s manufacturing sector grows, its impact on its trade relationship with the United States will continue to evolve. The expansion of the manufacturing industry will result in increased imports of machinery, technology, and expertise from the United States. Additionally, as Saudi Arabia reduces its reliance on imported goods through local production, it will lead to a decrease in manufacturing component imports from the United States. However, U.S. companies will have a plethora of investment opportunities to support the growth of Saudi Arabia’s economy through technology and machinery, renewable energy, healthcare and medical equipment, education and training, and importantly, defense and security.
