Saudi Arabia will remain a viable market for the United States with ample scope for further improvements in their bilateral trade, according to US Undersecretary of Commerce for International Trade Francisco Sanchez.
Sanchez, who wrapped up a cybersecurity and critical infrastructure protection trade mission, said: “Saudi Arabia and Kuwait continue to be viable markets for US businesses looking to export and create lasting business relationships within the cybersecurity and infrastructure security sectors. This trade mission was an important step in advancing these individual relationships, as well as building upon our broader economic partnerships with these major trading partners.”
Sanchez headed a delegation comprising representatives from 13 US companies from the safety and security sectors. The trade mission helped participating companies to identify opportunities for increased US exports and potential partnerships with Saudi and Kuwaiti companies.
Saudi Arabia and Kuwait have enormous commercial opportunities for US safety and security companies, he said, adding that the Kingdom has committed some $200 billion in infrastructure spending during the past two years, and will spend another $500 billion during the next five years. “It remains heavily invested in strengthening its capabilities within the field of cybersecurity, public security, and infrastructure protection.”
Sanchez said: “These US companies have the technical expertise and high-quality products to meet the needs of Saudi Arabia in sectors such as cybersecurity, aviation, critical infrastructure protection, emergency management, ports of entry and border security.”
The Kingdom has prioritized increasing cyber defense and infrastructure protection and continues to invest heavily in these sectors, spending more than $9 billion in 2012 to expand many of its airports.
“The United States is proud to be a leading partner in Saudi Arabia’s economic growth and economic reform efforts. The United States and Saudi Arabia enjoy a broad, deep and robust bilateral relationship, with cooperation spanning many of the economic and security issues confronting the Middle East and the world, he said. On commercial front, US foreign direct investment in Saudi Arabia was $8 billion in 2010, and our bilateral trade is expanding, he pointed out.
Saudi Arabia is currently United States’12th largest goods trading partner with $55 billion in total (two-way) goods trade during 2011. In 2011, US exports to Saudi Arabia totaled $13 billion; US imports from Saudi Arabia totaled $42 billion.
Trade in services with Saudi Arabia (exports and imports) totaled $4.5 billion in 2009 (latest data available for services trade). US services exports to Saudi Arabia were $4 billion; US services imports from Saudi Arabia were $503 million.
Saudi Arabia was the United States’ 25th largest goods export market in 2011. US goods exports to Saudi Arabia in 2011 were $13 billion, up19 percent ($1.9 billion) from 2010.
The top export categories in 2011: Vehicles ($3.8 billion), machinery ($3.5 billion), optic and medical instruments ($528 million) and aircraft ($464 million).
US exports of agricultural products to Saudi Arabia totaled $840 million in 2010. Leading categories include coarse grains ($127 million), vegetable oils — excluding soybean oil — ($95 million), rice ($94 million) and dairy products ($71 million).
Saudi Arabia was the United States' 8th largest supplier of goods imports in 2011. US goods imports from Saudi Arabia totaled $44 billion in 2011, a 50 percent increase from 2010. US imports from Saudi Arabia accounted for 2.1 percent of overall US imports in 2011.
The five largest import categories from Saudi Arabia in 2011: Mineral fuel (oil) ($41.2 billion), organic chemicals ($475 million), fertilizers ($195 million), and iron and steel ($102 million).
