By $3bn, Saudi exports surpass US imports

By $3bn, Saudi exports surpass US imports

According to an economic report on the position of trade balance, Saudi exports surpassed US imports by $3bn.

A recent economic report revealed that there are 10 countries whose trade balance tends to favor in their trade relations with the United States, including one Arab country, Saudi Arabia.

According to Bloomberg, the US trade balance was lost with the 10 countries in 2018, with about $675bn, including $379bn with China alone.

The report added that the trade balance of Saudi Arabia was a win-win with the United States, recording a difference between exports and imports worth $3bn; in 2018 alone, pointing out that most of Saudi exports were represented in oil.

The US trade balance was losing with Mexico, with $78bn, and Germany with $67bn. The reason is that the exports of these two countries of cars, with Japan are of $58bn, with South Korea are of $5bn, with France are of $13bn, with Italy of $35bn, with India of $24bn, and with Taiwan of $13bn.

The report pointed out that the US trade deficit reached its highest level in the last ten years at the end of 2018, despite the Trump administration imposing new tariffs on imported goods, and entering into a trade war with China, as well as restrictions on trade with the European Union.