Saudi-UK Trade Rises 65.8% to 22.5 Billion in March 2023

Total commerce in goods and services between Saudi Arabia and the United Kingdom climbed 65.8 percent to 18.5 billion pounds ($22.5 billion) in the fiscal year ended March 2023 compared to the previous year. According to the UK's Department for Business and Trade, the country's exports to Saudi Arabia surged 47.8 percent year on year to 12.9 billion pounds in the fiscal year ended March.

The UK’s total imports from the Kingdom surged 131 percent to 5.5 billion pounds during the period under review.The department said the Kingdom was the UK’s 21st largest trading partner in the year ending March, accounting for 1.1 percent of total UK trade. The report further stated that UK exports to Saudi Arabia in the year ending March constituted mechanical power generators, cars, medicinal and pharmaceutical products as well as jewelry and general industrial machinery, as per arab news.

Saudi Arabian imports to the United Kingdom comprised refined oil, other mechanical power generating components, crude oil, nonferrous metals, and basic plastics. In the year leading up to August 2023, UK exports to Saudi Arabia climbed by 43.5 percent compared to the previous year's similar period. In comparison, UK imports of Saudi Arabian commodities climbed by 8.5 percent during the same time.

When compared to the end of the first quarter in 2022, UK service exports to Saudi Arabia climbed by 50.4 percent in the first quarter of this year. During the same time period, UK imports of Saudi Arabian services surged by 66.4 percent.