Trade Between Saudi Arabia and the UAE Reaches $36 Billion in 2024

Trade between Saudi Arabia and the UAE is experiencing significant growth, with the volume of trade expected to reach $36 billion in 2024, according to data from the Saudi General Authority for Statistics. This article outlines the details of exports between the two countries and the key sectors contributing to this strategic trade relationship.

Details of Trade Exchange

The trade exchange between Saudi Arabia and the UAE is projected to be around $36 billion in 2024, indicating a strong economic relationship between the two nations. The value of Saudi exports to the UAE is estimated at $23.2 billion, while UAE exports to Saudi Arabia amount to $12.8 billion. This difference reflects a positive balance in their trade.

Key Saudi Exports

The main Saudi exports are categorized into several groups, with mineral products taking the lead at a value of $4.4 billion. This is followed by plastics and their products at $1.04 billion, along with organic chemicals valued at $740 million. These figures highlight the strength of the Saudi economy and the diversity of products available in the UAE market.

Key UAE Exports

For the UAE, its main exports to Saudi Arabia were concentrated in precious metals and gemstones, valued at $3.28 billion. UAE exports also included mineral products worth $1.87 billion, as well as machinery, mechanical appliances, and their parts, which reached $1.31 billion. This diversity underscores the significance of UAE products in supporting Saudi economic projects.

Change in Product Classification

Observers note that the classification of petroleum products was changed to mineral products in 2017, reflecting shifts in the economies of Saudi Arabia and the UAE. These changes contribute to enhancing trade between the two countries, positively impacting future economic relations.