Exporting

All the tools and resources you need to export your goods across the world

Saudi Arabia is the birthplace of Islam and home to Islam's two holiest shrines in Mecca and Medina. The king's official title is the Custodian of the Two Holy Mosques. The modern Saudi state was founded in 1932 by ABD AL-AZIZ bin Abd al-Rahman Al SAUD (Ibn Saud) after a 30-year campaign to unify most of the Arabian Peninsula. One of his male descendants rules the country today, as required by the country's 1992 Basic Law. Following Iraq's invasion of Kuwait in 1990, Saudi Arabia accepted the Kuwaiti royal family and 400,000 refugees while allowing Western and Arab troops to deploy on its soil for the liberation of Kuwait the following year. The continuing presence of foreign troops on Saudi soil after the liberation of Kuwait became a source of tension between the royal family and the public until all operational US troops left the country in 2003. Major terrorist attacks in May and November 2003 spurred a strong ongoing campaign against domestic terrorism and extremism.

Location

Middle East, bordering the Persian Gulf and the Red Sea, north of Yemen

Natural Resources

petroleum, natural gas, iron ore, gold, copper

Population - distribution

historically a population that was mostly nomadic or semi-nomadic, the Saudi population has become more settled since petroleum was discovered in the 1930s; most of the economic activities - and with it the country's population - is concentrated in a wide area across the middle of the peninsula, from Ad Dammam in the east, through Riyadh in the interior, to Mecca-Medina in the west near the Red Sea

25731776
Arabic (official)
RIYADH (capital) 6.195 million; Jeddah 4.076 million; Mecca 1.771 million; Medina 1.28 million; Ad Dammam 1.064 million (2015)
Conventional long form
Kingdom of Saudi Arabia
Conventional short form
Saudi Arabia
Local long form
Al Mamlakah al Arabiyah as Suudiyah
Local short form
Al Arabiyah as Suudiyah
absolute monarchy
Name
Riyadh
Geographic coordinates
24 39 N, 46 42 E
Time difference
UTC+3 (8 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 16% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 87% of budget revenues, 42% of GDP, and 90% of export earnings.
Inflation
3.524%
Total tax rate (% of commercial profits)
15.7%
Real Interest Rate
None%
Manufacturing, value added (% of GDP)
12.869%
Current Account Balance
US$ -24,913,590,660
Labor Force, Total
13,102,097
Employment in Agriculture
6.10%
Employment in Industry
22.74%
Employment in Services
71.16%
Unemployment Rate
5.53%
Imports of goods and services
US$ 195,108,000,000
Exports of goods and services
US$ 198,290,400,000
Total Merchandise Trade
48.62%
FDI, net inflows
US$ 7,452,533,333
Commercial Service Exports
US$ 15,268,096,006
wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk
crude oil production, petroleum refining, basic petrochemicals, ammonia, industrial gases, sodium hydroxide (caustic soda), cement, fertilizer, plastics, metals, commercial ship repair, commercial aircraft repair, construction
Commodities
petroleum and petroleum products 90% (2012 est.)
Partners
China 13.2%, Japan 10.9%, US 9.6%, India 9.3%, South Korea 8.5% (2015)
Commodities
machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles
Partners
China 13.8%, US 12.5%, Germany 7%, South Korea 6%, India 4.4%, Japan 4.3%, UK 4.3% (2015)
Country Risk Rating
B
Political and economic uncertainties and an occasionally difficult business environment can affect corporate payment behavior. Corporate default probability is appreciable.
Business Climate Rating
B
The business environment is mediocre. The availability and the reliability of corporate financial information vary widely. Debt collection can sometimes be difficult. The institutional framework has a few troublesome weaknesses. Intercompany transactions run appreciable risks in the unstable, largely inefficient environments rated B.
  • A quarter of the global oil reserves and the largest OPEC producer
  • Predominant regional economic and political role
  • Economy increasingly diversified and open since accession to the WTO at the end of 2005
  • Solid financial situation
  • Robustness of the banking system
  • Significant dependence of the hydrocarbon sector where there is little job creation, and growing domestic energy consumption
  • High unemployment rate among Saudi nationals
  • Governance weaknesses hampering the business climate
  • Unstable geopolitical environment

Our site saves small pieces of text information (cookies) on your device in order to deliver better content and for statistical purposes. By browsing our website you grant us permission to store that information on your device. For more information check our Terms and Conditions.