November 4, 2007

Trade exchange between Saudi Arabia and the US soars

Trade exchange between Saudi Arabia and the US witnessed quite a hike during the past four years. While receiving a US trade delegation, Secretary-General Riyadh Chamber of Commerce and Industry Husain Al-Azal said trade exchange between the two nations had exceeded 157 billion Saudi Riyals (USD 41.86 billion) in 2006, versus SAR 86.2 billion (USD 23 billion) in 2003. The US tops the top 10 list of exporters to Saudi Arabia and it is considered the world's second biggest market for Saudi products, said Al-Azal.

He added that in 2006, Saudi exports to the US reached SAR 119.24 billion (USD 31.79 billion) and US exports to Saudi Arabia reached SAR 37.8 billion (USD 10.8 billion). Al-Azal hoped to further boost Saudi-US commercial, investment and economic ties, considering the delegation's visit an opportunity to present advantages of foreign investments in Saudi Arabia.

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