20/03/2018 07:52 AST

The United States ranks second in terms of the volume of the Kingdom’s trade exchange amounting to SR135 billion, according to preliminary data issued by the General Authority for Statistics for the year 2017.

The Kingdom’s exports to US reached SR69 billion during the period, making up 51 percent of the volume of bilateral trade exchange, the Saudi Press Agency reported, quoting the report.

The trade relations between the Kingdom and US are an essential part of the relations between the two countries. These relations date back to the discovery of oil by Standard Oil of California in 1933. Since then, the leaders of the two countries have been keen to enhance trade and investment relations through the establishment of joint working councils and committees in addition to the exchange of visits by trade delegations, the Saudi Press Agency reported.

Metal products, organic chemical products, fertilizers, aluminum and plastics are among the most important commodities exported by the Kingdom to the United States. Cars, aircraft, electrical appliances and medical equipment are among the most important commodities imported by the Kingdom from US, the report said.

As many as 474 Saudi-US companies are operating in the Kingdom, where the total invested capital in these companies amounted to SR57 billion, the report added.

Saudi Gazette

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