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Merchandise exports by product group – annual (Million US dollars), as defined by the World Trade Organization (WTO), measures the total value of goods exported from a country, categorized by specific product groups, and expressed in millions of U.S. dollars.
Key Takeaways
Saudi Arabia’s export performance is heavily influenced by its oil-dependent economy. In 1990, exports were valued at $44.42 billion, increasing with oil price fluctuations and production adjustments. A notable peak occurred in 2008 at $313.46 billion, driven by high global oil prices, followed by a steep decline during the 2009 financial crisis to $192.31 billion.
The period from 2020 to 2023 highlights recovery from pandemic-induced disruptions, with export values reaching $411.18 billion in 2022 due to oil price spikes. However, the value adjusted to $320.02 billion in 2023, reflecting market stabilization. Diversification efforts under Vision 2030 aim to sustain long-term growth.
For additional information, visit statistics on Saudi Arabia’s net lending/borrowing ratio as a percentage of GDP, Saudi Arabia’s services sector GDP share, Saudi Arabia’s annual GDP growth rate.
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