Total US-Saudi Trade Reaches All-Time High
SUSTG | Lucien Zeigler | 2.12.13
Two recent reports evaluating US-Saudi commercial and energy ties indicate that the U.S.-Saudi bilateral economic relationship continues to strengthen.
Total bi-lateral trade between Saudi Arabia and the U.S. reached the highest level in history during 2012. The $73.79 billion trade total between the countries is 20.4% higher than 2011 and greater than the next largest total of $67.23 billion in 2008, according to the U.S. Census Bureau.
Those trade figures are part of a larger trend of increased US Trade with the 22 nations of the Arab World, with U.S. goods exports increasing from $56.18 billion in 2011 to $65.91 billion in 2012, an increase of 17.3 percent and the highest single-year sales volume ever, the NUSACC reports in a study on the Census Bureau figures.
Despite increased production from, and awareness of, the increase in U.S. shale gas production and heightened spending by the U.S. government on renewable energy sources and efficiency, the U.S.-Saudi energy relationship is stronger now than in recent years. Total US imports of oil from Saudi Arabia increased 17% in the first 10 months of 2012, with Saudi Arabia moving to become the second-biggest supplier of the United States behind only Canada, according to a recently released report by the U.S. Energy Information Agency.