40 entwicklung der handelsbilanz (in Mrd. uS$) 2002 2004 2005 2006 2007 Export 72,3 125,7 180,1 209,2 240,2 davon Öl 63,6 110,4 161,1 188,6 216,2 Import 29,7 41,1 54,6 60,7 136,6 Saldo 42,6 84,6 125,5 148,5 103,6 Quelle: <strong>Saudi</strong> <strong>Arabia</strong>n Monetary Agency, Annual report 2007, riyadh 2007; ciA World fact Book, Washington, 2008 development of the balance of trade (in billion uS$) 2002 2004 2005 2006 2007 Exports 72.3 125.7 180.1 209.2 240.2 of wich Oil 63.6 110.4 161.1 188.6 216.2 Imports 29.7 41.1 54.6 60.7 136.6 Balance 42.6 84.6 125.5 148.5 103.6 Source: <strong>Saudi</strong> <strong>Arabia</strong>n monetary Agency, Annual report 2007, riyadh 2007; cIA world fact book, washington, 2008 trial goods remains far behind its potential if one looks at <strong>Saudi</strong> <strong>Arabia</strong>’s strong industrial base in the MENA region. In light of the development of the oil price in recent years, the total exports from <strong>Saudi</strong> <strong>Arabia</strong> have risen significantly. The increase in exports from 72.3 billion US$ (2002) to 240.2 billion US$ (2007) has more than tripled and has risen by an annual average of 46%. The imports during this period grew by an annual average of 60% from 29.7 billion US$ (2002) to 136.6 billion US$ (2007). Industrial plants, machines, transportation equipment and food goods head the import list. Due to the continuing economic boom, imports of investment goods in particular grew enormously in 2007 meaning that the total volume of the imports in this year more than doubled. According to the Central Bank, the main supplier countries were in 2006 were the USA (14.7%), Germany (8.2%), Japan (8.0%), China (8.7%), Great Britain (4.0%) and Italy (3.9%). The main customers in 2006 were the USA (share: 14.7%), China (8.7%), Germany (8.2%), Japan (8.0%), Great Britain (4.0%) and Korea (3.8%). Due to higher export levels, the balance of trade permanently shows an active trade balance despite the fast growing levels of imports since 2005. On the other hand, the service balance is passive. This is a result of the transfers of the guest workers to their home countries. Other reasons for this deficit lie in the sinking levels of incoming investment revenues and the growing insurance and shipping costs. As a result of the high surplus levels in the balance of trade, <strong>Saudi</strong> <strong>Arabia</strong> has had a trade surplus for some years; however the active balance on current account, which totalled 90.1 billion US$ in 2005 and 95.5 billion US$ in 2006, has been reduced to 69.4 billion US$ in 2007 (preliminary estimate) due to the increase in imports. The positive output balance and the growing level of foreign direct investment are the decisive factors behind the fact that <strong>Saudi</strong> <strong>Arabia</strong>’s balance of payments have predominantly been in surplus since 2000 (one exception was the year 2002). The active balance of payments is an important criteria for the country’s currently stable foreign trade balance.
41 riyadh cement company