Saudi Arabia’s economy is built on oil, and the government has tight control over key economic activities. It has roughly 16 percent of the world’s proven petroleum resources and it is the largest petroleum exporter and is a key member of OPEC. Approximately 87 percent of budget revenues, 42 percent of GDP, and 90 percent of export earnings come from the petroleum sector.
Saudi Arabia is the largest Arab country in Western Asia and the Arab world’s second-largest country geographically. Despite its oil wealth, Saudi Arabia’s desert geography necessitates the importation of many goods; hence, exporting to Saudi Arabia is highly beneficial.
The kingdom has a high-income and sophisticated economy, and it is the only Arab country to be a member of the G20. Automobiles, refined gasoline, and packaged pharmaceuticals are among the country’s main imports. Its three largest trading partners are China, the United States, and Germany. Because of its high economic profile and rising accessibility, many entrepreneurs are interested in preparing to sell and export to Saudi Arabia.