Economic relations between Saudi Arabia and the United States continue to gain renewed significance, particularly ahead of the anticipated visit of Saudi Crown Prince and Prime Minister Mohammed bin Salman to Washington.
The year 2024 has witnessed notable and meaningful growth in both investment and trade, further solidifying Riyadh and Washington’s status as indispensable partners in the global economy.
Bilateral trade between the two countries reached SAR 121.7 billion (US$32.5 billion), underscoring the strength of their economic interdependence and the sustained momentum of cooperation between two of the world’s most influential economies.
On the investment front, the United States continued to expand its presence in the Saudi market. American investment stock rose from SAR 59.7 billion in 2020 to SAR 68.3 billion in 2024, reflecting growing confidence among US companies in the Saudi investment environment, which is reinforced by Vision 2030 and its wide-ranging opportunities in energy, industry, technology, and services.
Saudi exports to the United States were valued at SAR 48 billion (US$12.8 billion) in 2024, led by fertilizers, organic chemicals, and aircraft and spacecraft parts. The export mix highlights the ongoing development of Saudi Arabia’s industrial base and the diversification of its footprint in global markets.
Conversely, Saudi imports from the United States amounted to SAR 73.7 billion (US$19.7 billion), marking a 4.5 percent increase over the previous year and reaffirming the steady pace of bilateral trade. These figures reflect a deepening economic partnership that extends well beyond commerce into broader areas such as investment, technology, and renewable energy.
Machinery, mechanical appliances, and related parts accounted for roughly 26 percent of total imports. Transport equipment (excluding railway-related items) and their parts represented 13.2 percent. Optical instruments, imaging and measuring devices, medical equipment and parts constituted 7.8 percent, while electrical machinery and equipment made up 6.4 percent.
These indicators reflect the diverse structure of Saudi imports from the US market and underscore their importance in supporting the Kingdom’s industrial and technological sectors. They also highlight the ongoing development of national supply chains within the framework of the expanding strategic partnership between the two countries.