Saudi Gazette report

RIYADH — The volume of trade exchange between Saudi Arabia and the United States of America has surpassed $500 billion over the past decade, making the US the Kingdom's second-largest import partner.

Since 2020, the trade volume has grown by more than 50 percent, demonstrating the depth and strength of the economic relationship between the two countries. This strategic partnership enhances the competitiveness of vital sectors, attracts quality investments, and expands trade cooperation, ultimately supporting the economic prosperity of both nations.

In 2024, the trade volume reached approximately $33 billion. The most significant Saudi exports were fertilizers and organic chemical products, while the primary US imports included machinery, equipment, mechanical tools, and automobiles, totaling $9 billion. Preliminary data indicate that trade between the two countries reached around $16 billion by the first half of 2025.

The Saudi-US Trade and Investment Framework Agreement (TIFA) Council, chaired by the General Authority of Foreign Trade (GAFT), plays a crucial role in strengthening trade relations. Its objectives are to monitor trade and investment ties, identify expansion opportunities, remove obstacles hindering trade and investment flows, enhance the business and investment environment, and facilitate communication among various sectors in both countries.

The council has facilitated the agreement on 27 initiatives across multiple fields, including standards and metrology, food and pharmaceuticals, artificial intelligence, and intellectual property. Its membership includes 11 Saudi government entities that address trade and investment issues within a defined framework.

The GAFT works to develop bilateral trade relations through coordination councils and joint governmental committees. It aims to enable the Kingdom’s non-oil exports to access foreign markets and assist in overcoming various challenges they face.