Located on the Atlantic coast in the Southeastern region of the United States, North Carolina’s beautiful beaches and historic towns have long drawn visitors to the state. In addition to the tourist attractions, however, North Carolina is home to a vibrant economy with Gross State Product reaching $565.2 billion in 2023 and impressive growth of 22.3 percent over the past five years. This past year, North Carolina came in as the third largest state exporter to Saudi Arabia (with a total export value of $845.9 million) and fifth largest state importer from the Kingdom (total import value of $242.7 million). North Carolina’s already close fiscal ties with the Kingdom make it a promising market for bilateral economic cooperation.
From 2022 to 2023, North Carolina’s exports to Saudi Arabia increased by 16.62 percent. The top five exports included:
- Arms and ammunition; parts and accessories thereof ($300 million)
- Aircraft, spacecraft, and parts thereof ($213 million)
- Special classification provisions, NESOI ($130 million)
- Nuclear reactors, boilers, machinery, etc. ($84 million)
- Electric machinery etc.; sound equipment; TV equipment ($28 million)
Conversely, North Carolina’s imports from Saudi Arabia also saw a significant increase in 2023, moving the state up from seventh to fifth largest state importer in the U.S. North Carolina’s top five imports were:
- Organic chemicals ($228 million)
- Wadding, felt, spun yarn, twine, ropes, etc. ($4 million)
- Plastics and articles thereof; vehicles (except railway or tramway) ($3.6 million)
- Special classification provisions, NESOI ($2.4 million)
- Articles of iron or steel ($394,635)
North Carolina’s top three sectors by revenue are Life Insurance and Annuities ($60.6 billion), Commercial Banking ($55.7 billion), and Hospitals ($42.4 billion), and the state’s economy ranks 11th in size out of the 50 states and the District of Columbia. Home to the bases of pioneer aerospace, defense and security companies such as Honda Jet, GE Aviation, Lockheed Martin, and UTC Aerospace Systems, North Carolina is known for its robust Aerospace and Defense sector.
Other major business sectors include Food Processing and Manufacturing (for which NC ranks second in the U.S.), Automotive, Truck and Heavy Machinery, Furniture, Biotechnology and Pharmaceuticals, Information Technology, Business and Financial Services, Plastics and Chemicals, Textiles, Energy, and Tourism. North Carolina has attracted major biotech and pharma companies like Novo Nordisk, Merck, and FUJIFILM Diosynth due to its prestige as the U.S.’s second-fastest growing IT industry, home to the largest research park in the country, and presence of three Tier 1 research universities.
With a flourishing and dynamic economy, cutting edge research and innovation, and fast-growing trade relationships with the Kingdom, North Carolina presents investors with an exciting opportunity to benefit from and contribute to bilateral commerce. North Carolina’s economic success in crucial sectors such as Aerospace and Defense, Biotechnology and Pharmaceuticals, and Plastics and Chemicals place it at the forefront of the American economy. For those seeking partners for collaboration and a stable destination for investment, North Carolina is a state rich with opportunity for growth.
