International Finance
Economy Featured

United Kingdom-Saudi Arabia trade in goods & services surges by 65.8%

IFM_Saudi Arabia United Kingdom
Saudi Arabia was the source of the United Kingdom's imports of refined oil, crude oil, non-ferrous metals, and basic plastics, among other things

In the year ending March 2023, Saudi Arabia and the United Kingdom’s combined trade in goods and services climbed 65.8% to 18.5 billion pounds (USD 22.5 billion) from the same period in 2023.

The UK’s Department for Business and Trade reports that, compared to the prior year, the nation’s exports to Saudi Arabia climbed by 47.8% to 12.9 billion pounds.

During the time period under consideration, the UK’s total imports from the Kingdom increased 131% to 5.5 billion pounds.

According to the department, the Kingdom accounted for 1.1% of all UK trade in the year ending in March, thereby ranking as the United Kingdom’s 21st largest trading partner.

According to the research, Saudi Arabia imported mechanical power generators, automobiles, medical and pharmaceutical products, jewellery, and general industrial machinery from the United Kingdom in the year that ended in March.

Saudi Arabia was the source of the UK’s imports of refined oil, crude oil, non-ferrous metals, and basic plastics, among other things.

United Kingdom exports to Saudi Arabia climbed by 43.5% from the same period the previous year in the 12 months running up to August 2023. In comparison, over the same time period, UK imports from Saudi Arabia rose by 8.5%.

When compared to the first quarter of 2022, the UK’s exports of services to Saudi Arabia climbed by 50.4% in the first quarter of this year. Saudi Arabia’s service exports to the UK grew by 66.4% throughout that time.

Travel, finance, telecommunications, computer and information services, maintenance and repair, and other business services ranked first among the top five services imported and exported between the two nations.

Greater London, the South East, and the South West of England were the three UK regions importing the most products from Saudi Arabia in 2022. The North West, South East, and South West of England were the leading regions for exporting commodities to Saudi Arabia.

According to the report’s findings, Saudi Arabia had the 17th-largest gross domestic GDP in 2022.

What's New

Start-up of the Week: The ‘du-it’ revolution in Malaysia’s BNPL scene

IFM Correspondent

Saudi wealth fund increases holdings in Chinese stocks, gains from Alibaba windfall

IFM Correspondent

Saudi Ports Authority issues new licenses to strengthen logistics sector

IFM Correspondent

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.