US-Saudi trade hits $55bn

Edward Burton, president of the US-Saudi Business Council has highlighted the growing trade relations between Saudi Arabia and the United States, saying the value of mutual trade exchange amounted to $55 billion (SR206.25 billion) in 2011. “Saudi Arabia is considered one of the major trading partners of the US as it got 12th position in 2011,” Burton told reporters after his talks with Adnan Mandoura, secretary-general of the Jeddah Chamber of Commerce and Industry. He said 41 Saudi companies have won leading positions in the list of All World Arabia 500. “Saudi Arabia is one of the largest markets for US products,” he said, adding that Saudi exports to the Kingdom in 2011 reached $13 billion including cars, aircraft and medical equipment. Mandoura welcomed Burton to the Kingdom and noted the deep-rooted relations between the two countries. He emphasized the role of US-Saudi Business Council in removing the obstacles facing bilateral trade and investment. During the meeting, the two sides discussed prospects of increasing exchanges of visits by business delegations from both countries as well as ways and means to promote small and medium industries (SMEs).