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WEEKLY NEWSLETTER
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Saudi Arabia
Index
Crude oil, refined products and natural gas liquids accounted
for the bulk of Saudi exports. Nevertheless, the percentage of
crude oil and petroleum product exports fell slightly during the
1980s as a result of the growth in petrochemical and other
chemical exports. These products have come mainly from Sabic's
companies. After declining to their lowest levels in the 1970s
and 1980s, following the oil price crash of 1986, exports had
steadily recovered by 1992, both as a result of improved oil
prices and Saudi Arabia's international market share of world oil
supplies. Moreover, as Sabic created a new petrochemical
capacity, nonoil exports rose as well. The direction of exports
has been influenced by Saudi Arabia's oil customers. During the
early 1980s, Asia and Western Europe were the major purchasers of
Saudi oil. By the end of the decade, Europe had ceded its share
to Asia and North America (see
table 10, Appendix).
Saudi import levels have closely followed overseas oil
earnings and government expenditures. SAMA, which published data
on imports, did not include military imports in merchandise
import figures. Some military imports were included in the
current account under government service imports
(see Current Account
, this ch.). Falling from a peak in the mid-1980s of US$40
billion to US$50 billion per annum, imports maintained levels of
around US$20 billion during the late 1980s before starting to
climb again in 1990 to 1992. Machinery, appliances, and
electrical equipment constituted the largest import category,
although in line with lower domestic investment these items fell
in terms of total share. In 1984 this category accounted for 24
percent of imports but by 1990 it had declined to 16 percent.
Foodstuffs have been the second largest category: in 1984 these
items made up 16 percent and fell only slightly to 14 percent in
1990. The decline in food imports resulted mainly from domestic
import substitution of vegetable products. During the 1980s,
chemical products, jewelry and metals, and other transport items
exhibited the largest growth in imports. Chemical products, the
third largest import category in 1990, constituted around 12
percent of imports. The principal source of imports was Western
Europe, which maintained its share at 44 percent for much of the
1980s. The United States supplied 17 percent of the kingdom's
imports, whereas Japan's share was 15 percent, having decreased
from around 20 percent in the mid-1980s. Saudi Arabia brought
only 3 to 4 percent of imported goods from the rest of the Middle
East.
Data as of December 1992
Foreign Trade
Crude oil, refined products and natural gas liquids accounted
for the bulk of Saudi exports. Nevertheless, the percentage of
crude oil and petroleum product exports fell slightly during the
1980s as a result of the growth in petrochemical and other
chemical exports. These products have come mainly from Sabic's
companies. After declining to their lowest levels in the 1970s
and 1980s, following the oil price crash of 1986, exports had
steadily recovered by 1992, both as a result of improved oil
prices and Saudi Arabia's international market share of world oil
supplies. Moreover, as Sabic created a new petrochemical
capacity, nonoil exports rose as well. The direction of exports
has been influenced by Saudi Arabia's oil customers. During the
early 1980s, Asia and Western Europe were the major purchasers of
Saudi oil. By the end of the decade, Europe had ceded its share
to Asia and North America (see
table 10, Appendix).
Saudi import levels have closely followed overseas oil
earnings and government expenditures. SAMA, which published data
on imports, did not include military imports in merchandise
import figures. Some military imports were included in the
current account under government service imports
(see Current Account
, this ch.). Falling from a peak in the mid-1980s of US$40
billion to US$50 billion per annum, imports maintained levels of
around US$20 billion during the late 1980s before starting to
climb again in 1990 to 1992. Machinery, appliances, and
electrical equipment constituted the largest import category,
although in line with lower domestic investment these items fell
in terms of total share. In 1984 this category accounted for 24
percent of imports but by 1990 it had declined to 16 percent.
Foodstuffs have been the second largest category: in 1984 these
items made up 16 percent and fell only slightly to 14 percent in
1990. The decline in food imports resulted mainly from domestic
import substitution of vegetable products. During the 1980s,
chemical products, jewelry and metals, and other transport items
exhibited the largest growth in imports. Chemical products, the
third largest import category in 1990, constituted around 12
percent of imports. The principal source of imports was Western
Europe, which maintained its share at 44 percent for much of the
1980s. The United States supplied 17 percent of the kingdom's
imports, whereas Japan's share was 15 percent, having decreased
from around 20 percent in the mid-1980s. Saudi Arabia brought
only 3 to 4 percent of imported goods from the rest of the Middle
East.
Data as of December 1992
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