Background Economics of Saudi Arabia
Saudi Arabia has a population of 33 million. Its GDP is $708 billion, but in purchasing power parity, PPP, it is $1.80 trillion. Per capita income in PPP is $55,260.
The oil is owned by state owned Saudi Aramco. Petroleum is 87% of budget revenues, 90% of export earnings, and 42% of GDP. This is a country where oil really is King.
The labor force is 12.34 million. There are 7.5 million foreign workers. 80% of the labor force is non-national. Unemployment is 13%, but only 30%-40% of Saudi’s work or seek to do it. Wikipedia does not cover how much of this is due to restrictions on women. Services is 72% of jobs, industry is 21%, and agriculture is 7%.
Exports are $231 billion, of which, petroleum and its products are 90%. To various countries, China is 13.6%, Japan 11.3%, India 10.7%, US 9.8%, South Korea 9.1%, Singapore 4.7%, plus 41% remaining. So the US gets $22.6 billion of their exports.
Imports to Saudi Arabia are $137 billion, consisting mainly of machinery and equipment, food stuffs, chemicals, motor vehicles, and textiles. The main importing countries are China 16%, US 15%, Germany 6.3%, Japan 5.3%, UAE 5%, South Korea 5%, plus 47% more. So imports from the US are worth $20.6 billion.
All of these numbers change year to year.
