Trade relations between the Kingdom of Saudi Arabia and the US continued to demonstrate flexibility and diversity in 2023, its total volume valued at $29.7 billion (SAR112 billion), according to a report issued by the US-Saudi Business Council.Saudi Arabia's exports to the US amounted to $16 billion (SAR60 billion) in 2023, of which $13.7 billion (SAR51.5 billion) worth of crude oil. The Kingdom remains a major supplier of oil to the US.In the non-oil sector, Saudi exports to the US totaled $2.3 billion (SAR8.5 billion). Fertilizers topped these, at $790 million (SAR3 billion), accounting for 35% of Saudi Arabia's non-oil exports to the US and recording a 2% year-on-year growth. Organic chemicals followed at $706 million (SAR2.6 billion), representing 31% of total non-oil exports. Exports of inorganic chemicals, precious and rare metals, and radioactive compounds saw a significant increase, of 7,686%, reaching $12 million (SAR44 million).US exports to Saudi Arabia also showed positive momentum in 2023, totaling $13.8 billion (SAR52 billion), up 20% from the previous year. The US exported goods such as electrical and mechanical equipment, industrial products, agricultural goods, and pharmaceuticals.The automotive sector remains the top US export to Saudi Arabia, at $2.8 billion (SAR10 billion), up 32% year-on-year. The second largest category was 'nuclear reactors, boilers, machinery and parts thereof', which accounted for 18% of the total US goods exports to Saudi Arabia at $2.5 billion (SAR9.3 billion), up 38% year-on-year.'Aircraft and parts thereof' was the third largest category, contributing $1.7 billion (SAR6.3 billion) to US exports.Texas maintained its leading position among US states trading with Saudi Arabia, exporting $2.9 billion (SAR11 billion) worth of goods. California followed with exports of $886 million (SAR3.3 billion), reflecting a 12% year-on-year growth. North Carolina moved up to third place, with total exports reaching $846 million (SAR3.2 billion), up 17% year-on-year.Direct or of Economic Research at the US-Saudi Business Council Albara'a Alwazir said: 'The US-Saudi trade relationship remains a cornerstone of economic engagement between the two countries, reflecting shared strategic interests and evolving global dynamics. As the two countries move forward, growing trade and foreign direct investment (FDI) will be essential to deepening this partnership; FDI serves as a vital channel for the exchange of capital, technology, and expertise, which is especially important as Saudi Arabia works to diversify its economy beyond oil.'The United States is well-positioned to support this transformation by investing in non-oil sectors such as manufacturing, technology, and renewable energy, areas critical to the goals of Saudi Arabia's Vision 2030. By fostering innovation, enhancing human capital, and expanding into new industries, both countries can ensure a resilient and prosperous future, built on a foundation of mutual growth and cooperation.'Source: Saudi Press Agency