Saudi Arabia: Trade balance, percent of GDP
* indicates monthly or quarterly data series
| Saudi Arabia |
Trade balance as percent of GDP |
|---|---|
| Latest value | 7.37 |
| Year | 2023 |
| Measure | percent |
| Data availability | 1968 - 2023 |
| Average | 16.23 |
| Min - Max | -10.70 - 78.79 |
| Source | The World Bank |
The latest value from 2023 is 7.37 percent, a decline from 16.93 percent in 2022. In comparison, the world average is -3.03 percent, based on data from 137 countries. Historically, the average for Saudi Arabia from 1968 to 2023 is 16.23 percent. The minimum value, -10.7 percent, was reached in 1984 while the maximum of 78.79 percent was recorded in 1973.
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* indicates monthly or quarterly data series
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The trade balance for Saudi Arabia and other countries is calculated as the difference between the exports and imports of goods and services, as percent of GDP. A positive number means trade surplus and a negative number means trade deficit.
Definition: External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services).
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 139.90 | 2021 | percent |
| Trade openness | 62.13 | 2023 | percent |
| Financial openness | 1.034 | 2021 | index points |
| Exports, percent of GDP | 34.75 | 2023 | percent |
| Exports, billion dollars | 370.98 | 2023 | billion U.S. dollars |
| Growth of exports | -6.51 | 2023 | percent |
| Imports, percent of GDP | 27.38 | 2023 | percent |
| Imports, billion dollars | 292.28 | 2023 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 1.15 | 2023 | percent |
| Foreign Direct Investment, billion dollars | 28.06 | 2022 | billion U.S. dollars |
| Portfolio investment inflows, equities | 4,223.41 | 2023 | million dollars (current) |
| Current account, percent of GDP | 3.19 | 2023 | percent |
| Current account, in dollars | 34.07 | 2023 | billion U.S. dollars |
| Trade balance, percent of GDP | 7.37 | 2023 | percent |
| Trade balance, in dollars | 79.41 | 2023 | billion U.S. dollars |
| Reserves | 457.95 | 2023 | billion U.S. dollars |
| Remittances, percent of GDP | 0.03 | 2023 | percent |
| Remittances | 281.98 | 2023 | million U.S. dollars |
| Net errors and omissions | -7,309.55 | 2023 | million USD |
| Foreign exchange reserves | 1,713.65 | 9/2024 | billion |