Economy of Saudi Arabia - Case Study Example

Economy of Saudi Arabia I. Saudi economy General view of Saudi economy policy Saudi Arabia is among the most powerful economies worldwide. One of the main reasons of its financial success has been the design and the application of effective financial projects that lead to the increase of the country’s GDP on a continuous basis. Indicatively, it could be mentioned the fact that in 1992 the country had revenues that reached the SR 169 billion (US $ 45.1 billion). On the other hand, the GDP for that year was US $ 100.5 billion, i.e. US $ 10,338 per capita in 1992 increased comparing the 1990 when the GDP was US $ 9,933 per capita [1]. In the decade of 1990s Saudi Arabia faced the dilemma regarding the strategy that the country should follow regarding its presence in the international market. In this case, SA had to choose between an ‘open’ and a ‘close’ economy in terms of cooperation with other countries particularly the western ones. It should be noticed that the country’s economy has been traditionally controlled and developed by the central Government which had the responsibility for all decisions made for the structure and the operation of all industrial sectors in the country. However, because of the changes in the global financial structures and the pressures made to the country’s economy, the involvement of the private sector in the various industrial areas was necessary. The above involvement, the stages of which are being precisely described in the relevant governmental sites and the Saudi Arabia Information Resource, led to the restructuring of many sectors of the Saudi economy. It should also be noticed that the above intervention of the private sector took place in a period in which Saudi Arabia economy faced significant turbulences and for this reason a reduce in the government’s level of expenditure had been decided (The Saudi Arabia Information Resource). However, even under these adverse circumstances, the cooperation between the government and the private sector has been successful leading to the improvement of the country’s financial performance. The government of the country has tried repeatedly to achieve the independence of its economy from the production of oil, however this effort has not led to the expected results. In fact, in accordance with a report published in the Congress Library (2006) “despite ambitious government plans for economic modernization and diversification, the development of the non-oil economy has proceeded slowly, and attempts in the past decade to encourage private investment have been hampered by the many vested interests of the royal family, which continues to dominate the economy’. On the other hand, the continuous development of the country’s manufacturing industry can be considered as a significant tool towards the achievement of the ‘independency’ of the country from the oil production, even if this target will be achieved in the long term. The financial development of Saudi Arabia has been slow but continuous especially the last decade. A significant characteristic of the country’s economic system is the fact that SA has a series of resources (financial and human resources) available. This fact – which is rather difficult to be located in other countries of the international community – has led the country to a significant financial growth. The development of the Saudi economy can be ‘derived’ by the reduction of the country’s debt. More specifically, in accordance with the budget report of 2007 released by the Ministry of Finance and published in the Saudi-US Relations Information Service (2006), the country’s debt is expected “to drop from SR475 billion in 2005 to SR366 billion, accounting for 28 percent of GDP”. This reduction proves that the governmental policies for the increase of involvement of the private sector in the economy of SA and the independency of the country from the exports of oil have been quite effective. However, it should be noticed that in order to reduce the public debt, the government has used the fiscal surplus of the last years. This decision could be characterized as quite important for the development of the country’s economy in the long term. The above assumption is proved by the fact that currently the debt related to the gross domestic product is 28 per cent (compared to the 93.3 per cent of 2001). The level of performance of the local economy can be assumed moreover by the fact that the Saudi Arabia market has been included in the IFC Global Index which refers to the banks and companies that present the highest performance around the world. In the case of Saudi Arabia, the country’s organizations mentioned in the relevant list have been the Saudi Arabian Basic Industries Corporation (SABIC), the Saudi American Bank (SAMBA) as well as the joint venture affiliates of HSBC, ABN-Amro, Credit Agricole and Arab Bank (Taecker, 1998). Apart from the above organizations there are several more public and private organizations and institutions in SA that present a significant performance in their industrial sector. 2. Oil and the petrochemical industry Saudi Arabia is considered to be the largest crude oil producer in the international community. The production of oil has led to the significant improvement of the country’s economy throughout the years. It should also be noticed that the country’s production have being increased during periods of political turbulences and military conflicts in the greater area of Gulf, like in the case of embargo on Iraq and Kuwait in 1990 [1]. The production of oil in Saudi Arabia is controlled mainly by the Saudi Arabian Oil Company (or Saudi Aramco) which is the largest oil producing company in the international community (The Saudi Arabia Information Resource, SAIR). The above company first established in 1988 and has its headquarters in Dhahran (Saudi Arabia’s east coast) (SAIR). The company participates in all oil-related activities on a ‘commercial basis’. The production of oil offers a significant support to all Gulf countries which export (Taecker, 1998) approximately 12 million barrels per day, a really impressive amount. The export of oil and petrochemical products is really impressive. In accordance with a report published in 2005 (Saudi Arabia country analysis) “for 2004 as a whole, Saudi Arabia earned about $116 billion in net oil export revenues, up 35 percent from 2003 revenue levels”. In the area of exports, oil and petrochemical products continue to offer a fundamental support to the country’s economy; however because of the change in the country’s demographics, the income of the country per capita from the export of oil and petrochemicals has been decreased. In 2004 the country “earned around $4,564 per person, versus $22,589 in 1980; this 80 percent decline in real per capita oil export revenues since 1980 is in large part due to the fact that Saudi Arabias young population has nearly tripled since 1980, while oil export revenues in real terms have fallen by over 40 percent (despite recent increases)” (Saudi Arabia, country analysis, 2005). Apart from oil, petrochemical products are also important for the country’s economy. It should be noticed that “in 1984 chemical products accounted for only 1 per cent of total exports while exports of plastic products were negligile but by 1990 chemicals accounted for 3.4 per cent of the total and plastics 2.2 per cent, and by 2000 the figures for chemicals had risen to 6.4 while plastics remained at around 2 per cent”. The above figures prove that the importance of petrochemicals for the Saudi Arabia economy is high, and the value of the relevant products (in terms of their nominal price has been increased the last years). Regarding the development of the oil – related industrial sectors in Saudi Arabia, it has to be noticed that current governmental plans focus on the reduction of oil-related production and exports which have been until now the main source of wealth for the country. 3. Financial sectors (banking and insurance) Banking operations in Saudi Arabia although primarily regulated by the ‘shariah law’ (like all commercial sectors) they are formulated in accordance with the practices followed by the Western countries. The banking sector of Saudi Arabia should be considered as one of the most developed considered the similar ones of the other countries of the Gulf. More specifically, in accordance with a report published by the US Commercial Service (2007) the total assets of the particular sector increased by 13.5 per cent in the last quarter of 2006 reaching the $ 221.8 billion (instead of the $195.4 billion of the same period of 2005). On the other hand, it is noticed that in the region operate approximately 16 banks the eleven of which are Saudi-owned banks while the rest 5 are of foreign interests. At the same time, a series of licences was granted to ‘foreign’ banks like the Deutsche Bank, BNP-Paribas, State Bank of India, National Bank of Pakistan, and J.P. Morgan Chase (US Commercial Service, 2007). However, the country’s stock market decreased in 2006 reaching the 7,933 (Tadawul All – Share Index, TASI). This was a continuation of the reduction of share prices that started in 2005. Moreover, it should be noticed that the value of the traded shares increased in 2006 (approximately by 27%) reaching the $1,403 billion. The development of the country’s financial industry has been significant during 2006. More specifically, in accordance with a report published in Saudi Arabian Monetary Agency (SAME) the total bank deposits presented an increase in the fourth quarter of 2006 reaching the $ 591.3 billion while the ratio of total bank deposits to total broad money supply also increased to 89.5 per cent (compared to the 88.4 percent of the same period of 2005). Regarding specifically the services offered by banks in the Saudi Arabia, it should be noticed that the country presents a different percentage of the products/ services offered if comparing the other countries of the Gulf. More specifically, in a report of 2004 (AME info, 2004) it was revealed that altough in the past (2000) “credit card usage was 22% and only 11% had personal financing with banks and the penetration of value-added services such as Investment and Saving / Insurance Products was very low in the above year”. As for the Insurance sector, this is characterized by the introduction of new regulation in 2004. In accordance with this regulation the provision of Insurance services in the country can be made only by registered companies. At a next level, the main ‘corporate form’ for the provision of insurance services is considered to be the joint company (joint stock company). It should be noticed that the country’s insurance market has just started to ‘flourish’ after the provision of licences in 13 insurance companies in the end of 2006 (DomainbBusiness, 2006), a decision that led to the end of the monopoly of the National Company for Cooperative Insurance, the main (and the only) company in the past for the provision of Insurance services in the above country. Moreover, in accordance with the study of Haberbeck (2007) “the new regulator of the Saudi insurance sector is the Saudi Arabian Monetary Agency (SAMA), which, since its establishment in 1957, has proven to be an effective and strict regulator of the Saudi banking sector; SAMA’s duties and powers in the insurance sector would include the preparation of the Implementing Rules of the Regulation, licensing of insurers wishing to operate in Saudi Arabia, and, generally, policing and control of the Saudi insurance sector”. On the other hand, a study made by Al-Hanibi in 2005 proved that in the previous year (2004) the greatest increase (349%) of the country’s economy was in the miscellaneous category, which was 40.5% of total private sector credit, of which a substantial portion was represented by consumer loans (73%). As already noted above, this economic activity was the area of fastest growth; another area of rapid growth (30%) was the finance sector, which, apart from the banks, now includes insurance companies, mutual funds, leasing companies and other finance sector related entities”. 4. Industrial sector The industrial sector of Saudi Arabia is extended in many areas like the following ones: manufacturing, utilities and construction. On the other hand several non-oil refining industries operate in this country [1]. It has to be noticed that the country’s industrial activities are organized under the principle of ‘industrial diversification’ a strategy followed by the government in order to enhance the profits of the companies operated in the particular sector and to improve the country’s economy. In accordance with the above principle, the main ‘target’ of the country’s industrial activities would be their ‘independence’ from oil revenues (SAIR, 2007). One of the most important parts of Saudi Arabia’s industrial sector is the production of glass. More specifically, the country produces a variety of ‘glass-related’ products like the following ones: window glass, plate glass, bottles and containers, optical glass, ceramics glass, photosensitive glass and even glass fibres. The above data have been ‘extracted’ from the official site of Saudi Arabia’s Ministry of Commerce and Industry and are indicative of the level of development of the country’s economy. An industrial sector that has been developed significantly in Saudi Arabia, particularly the last decade is the production of electrical machines and equipment, the demand of which is growning at about 7% per year. Moreover, it has to be noticed that the residential sector ‘absorbs’ most of the products of this sector, consuming approximately the 50% of the electrical machines and equipment produced in the country. The industrial sector consumes only the 25% of the whole production with an annual increase of this percentage at about 14% per year (Saudi Arabia’s Ministry of Commerce and Industry). Apart from the glass and the electrics industry, the country produces a wide range of industrial products related with other industrial sectors, like the automobiles. In this context, the research made by the Saudi Arabia’s Ministry of Commerce and Industry (2005) showed that the following products belong to the country’s main product lines: T&D equipment, cables, wires, towers, power lines, motors, cells and accumulators. The country’s industrial products are presented in the Table 9 of the Appendix according to which the country is ranked 21st among the exporters worldwide while its performance on the particular sector presents a continuous and stable growth. In Table 3 of the Appendix the main products that participate in the country’s export program are also presented. 5. Services sector The services sector is particularly developed in Saudi Arabia. In this context, it has revealed in a report published in MSN Encarta (2007) that the major percentage of the country’s labour force (approximately 74%) is ‘engaged’ in the country’s services industry (education, health care, transportation, communication and financial services). Most of the services of the particular industry belong in the public sector. In the same time, the increased level of tourism has created the need for development of the country’s hospitality industry (which includes businesses operating in the area of accommodation, food and transportation). It should be noticed that many of the country’s services that belonged previously in the public sector have entered the private sector through a series of privatisations in several areas (water supply and drainage, airport services, telecommunications, postal services and so on). The provision of services in Saudi Arabia has been ‘structured’ in accordance with the needs of its particular sector. As an indicative example, in the ‘electrical machines and equipment’ sector the number of employees account for approximately the 5.6% of the country’s total workforce. Moreover, as the research made by the country’s Ministry of Commerce and Industry there are approximately 100 firms operating in the area most of which (a percentage of 48%) in Riyadh. The majority of the employees working in the particular sector are non-Saudis (a percentage of 77%) despite the fact that most of companies in this sector (a percentage of 74%) are local and only the 26% represents cooperation with foreign entrepreneurs (through the form of joint venture). In another industrial area, this of plastics, the situation is similar. Saudi Arabia’s industry includes many sectors, the most significant of which are – as already stated above – oil and petrochemicals. In this context, the production of plastics is extremely developed with around 500 firms to operate in the specific area (the 90% of which are local while the rest 10% are mainly governed by foreing investors through joint ventures). On the other hand, the number of employees working in the specific industry is significant accounting for approximately the 9.2% of the country’s workforce while the 85% of the employees are not Saudis (Ministry of Commerce and Industry, 2005) 6. Electricity sector The provision of electricity in the country was, traditionally, made through a series of consolidated electricity companies, named SCEGOs, which were established and operate in the various areas of the country, having – each of them – the responsibility for the adequacy of electricity needed in each particular region. The activities of all the above companies, the first of which established in 1976 [8] were supervised by the General Electricity Corporation (GEC) which had also the responsibility for the provision of electricity in the rural areas where a SCEGO did not operate. The administration of the country’s electricity changed in 1998 through the establishment of a stock market company, the Saudi Electric Company, which was created by the merger of all the existed SCEGOs. [8] The main resources for the country’s electric energy are the thermal power stations the operation of which is based on the petroleum resources of SA (Library of Congress, 2006; however other resources of electricity, like the seawater, have been explored as of their potential use in the particular sector. On the other hand, it should be noticed that the electricity produced in the country is enough for the coverage of the local needs (indicatively in 2003 the electricity produced was 145.1 billion kilowatt-hours while the amount consumed was just 134.9 billion kilowatt – hours). This efficiency of electricity produced in the country proves the effectiveness of the governmental policies regarding the development of the energy sector. The fact that other resources of energy (apart from petroleum) are being explored is indicative of the government’s intentions to make the local economy independent from oil (despite the fact that the production of oil shows no sign of reduction). 7. Agricultural sector Normally, it would be expected that Saudi Arabia could not have the appropriate climate for the development of agriculture as its land is to its major part a desert. However, the country’s government applied a series of irrigation projects which helped towards the increase of the agricultural production [4]. Furthermore, according to a series of statistics published by the Saudi Arabia Information Resource [4], the country’s agricultural production achieved a significant level of growth in 1999 while on the year that followed (2000) agriculture production was a bit decreased due rather to the instability in climate worldwide. More specifically, in 1999 the cereals produced by SA reached the 2,234,000 tonnes and the vegetables the 2,757,000 tonnes. These two categories represent the most significant parts of SA agricultural production while the wheat also remains at high levels reaching the 1,804,542 tonnes. According to a report published in the ArabDATANET site, the country has achieved to be ‘autonomous’ regarding many dairy and agricultural products, like eggs, poultry, cereals and vegetables. Other products, like wheat are also extensively produced in SA. It should be noticed that in accordance with the country’s Planning Ministry, approximately the 90 per cent of the SA water is estimated to be used for agriculture in the near future. For this reason, the government decided to proceed to the construction of appropriate establishments that will ensure the existence of the necessary water for the needs of agriculture. An indicative project is that of a pipeline from Hinni to Riyadh [5] which is expected to cover all needs of rural areas for water. 8. Telecommunications sector The development of the country’s telecommunications sector is continuous and extensive. The reason for the increase of this sector’s performance in SA is mainly the rapid growth of the local economy combining with the large population. It should also be noticed that two mobile operators have already been established in the country while another one is due to enter the particular market [6]. In the area of fixed – lines a second operator is also going to be established enhancing the country’s fixed – lines network. The country’s telecommunications are monitored by the Saudi Telecommunications Commission [7], a regulatory body, which has the responsibility to continuously monitor the activities of companies in the particular industry making sure that no foreign companies are going to enter this market (there are chances however of differentiations in the above scheme in accordance with the standards set by the government and the Commission). The provision of shares in the country’s telecommunications sector has been also arranged [7] and is currently under development through a scheme created by the government under the guidelines given by the Gulf International Bank. The level of development of SA telecommunications has been highlighted in a report published in the Library of Congress (2006). In accordance with the specific report, Saudi Arabia currently uses an advanced telephone system which employs more than 3.6 million lines (the figure refers to 2004). On the other hand, it is noticed that this system is based on the use of a series of high quality cables (like the coaxial cable and the fiber-optic cable) which can ensure the credibility and the speed of the whole network. At the same time, a satellite system, the Intelstat Satellite System, is being used for the provision of dialing access to more than 200 countries internationally. The development of the mobile telecommunications and the Internet has been another characteristic of the growth of the particular sector the last years. II. Saudi Trade 1. Trade in goods The performance of country’s trade has been differentiated throughout the years under the influence of many internal and, mainly, external turbulences. In this context, it has been found that the most favourable period for the trade of Saudi Arabia has been that between the years 1980 and 1994 [2]. During this period the performance of SA trade improved significantly, however the most noticeable development achieved in 1990 during the crisis in the Gulf. In that specific period the country’s balance of trade achieved a surplus of US $ 20.3 billion (compared to the $ 0.96 billion of 1986). The years that followed the Gulf crisis the country’s balance of trade declined and reached the US $ 19,244.7 million in 1994 [2]. The entrance of the country in the World Trade Organization in 2005 was a significant achievement for the country’s commercial development if taking into account the fact that the relevant discussions had begun about 12 years earlier (BBC News, 2005, [3]). The performance of the country’s trade has been proved to be significant throughout the years. In this context, it should be noticed that in 2005 the country achieved a trade surplus of approximately $124 billion (Library of the Congress, 2006) even if the particular year was characterized by low oil prices. One of the most characteristic products of Saudi Arabia is oil. Moreover, a series of oil-related products are exported to countries internationally – particularly the United States. In accordance with a relevant report of Saudi Arabia Economic Analysis (2005) “for January-July 2005 Saudi Arabia produced around 10.9 million bbl/d of total oil -- including crude oil, natural gas liquids, and "other liquids"oil, and also including half of the Saudi-Kuwaiti Divided Zones 610,000 bbl/d); this was up sharply from Saudi Arabias 8.5 million bbl/d of total oil production in 2002; In addition to crude oil, Saudi Arabia produces around 1.3 million bbl/d of natural gas liquids (NGLs) and "other liquids," not subject to OPEC quotas” (Saudi Arabia, country analysis, 2005). The production of oil and other energy – related products offers a significant advantage to Saudi Arabia compared to other countries worldwide which are based mainly on manufacturing or agriculture as main sources of income. As for the level of exports of oil, this is quite satisfactory. More specifically, it has been found that “during the first five months of 2005, Saudi Arabia exported 1.57 million bbl/d of oil (of which 1.51 million bbl/d was crude) to the United States” (Saudi Arabia, country analysis, 2005). Europe and Asia (China, Japan, South Korea, India) also import oil and other related products from Saudi Arabia. Recently, the country has started to develop its biotechnology sector. In this context, 6 firms have been already established in Jeddah dealing mostly with the research over the vaccines, the environmental technologies and the pharmaceuticals. On the other hand, two firms that have been established in Riyad have as main objective the research over the genetically modified food. Apart from the above developments, the research of the country’s Ministry of Commerce has proved that there are also laboratories and research centres dealing with the research over drugs in cooperation with pharmaceutical companies. At the same time, it should be noticed that Saudi Arabia is a significant competitor in the area of exports worldwide. The country exports mainly in the countries of the Gulf and the other Asian countries (33% and 26% respectively of the country’s exports are towards the above countries, see Table 4, Appendix). On the other hand, Europe should be also considered as significant ‘destination’ for the products of Saudi Arabia with a percentage of 13.3% of the country’s exports. The two areas with the least ‘absorbtion’ of Saudi Arabia’s products are South America and Eastern Europe (0.2% and 0.1% of the country’s exports, Table 4, Appendix). Moreover, in accordance with a report published by the Saudi Commercial Office (2007) the country’s trade is based on the principle of ‘free trade’ in which competition is encouraged. For this reason, foreign exchange controls and the quantitative restrictions or tariff barriers are avoided (SCO, 2007). On the other hand, it is noticed that the sectors of imports, wholesale and retail trade are controlled by Saudi private sector. Finally, it should be mentioned that the primary source of capital in Saudi Arabia remains the governmental institutions and not the banks of the private sector. On the other hand, the country’s government continues to support the need for ‘independency from oil’ and the involvement of the private sector in the control of the country’s economy. The exports of the country are increased on an annual basis. In accordance with a relevant research made by the Saudi Arabia’s Ministry of Commerce and Industry, in 2005 the country’s exports were estimated to approximately 60.52 billions compared to the 28.36 billions of 2002 and the 36.91 billions of 2003 (Table 8, Appendix). It is not mentioned however whether these figures represents exports of goods or services. On the other hand, the main ‘destination’ of the Saudi Arabia’s products seems to be the USA, with a total of 1,132.7 millions of U.S. dollars for the months January and February of 2007 (564.0 millions in January 2007 and 568.7 millions in February 2007, slightly increased, Table 7, Appendix). 2. Trade in Services The services sector in Saudi Arabia represents an important part of the country’s economy representing the 44.1 per cent of the gross domestic product (2002) in accordance with a report published by the Library Congress in 2006. At a next level, it is estimated that the specific area employed for that year (2002) the 73 per cent of the country’s workforce (a significant percentage). Moreover, it seems that there is a preference among the workers in the particular sector for specific areas. For this reason a survey made in 2002 revealed (report of Library Congress, 2006) that 16 percent of the workforce in this industry was working in the retail sector, 12 percent in education and approximately 10 percent in the domestic service sector. Generally, trade in services can take place under four ‘schemes’. These schemes are analytically presented in a relevant report of International Trade Center (2007). In accordance with this report, services can be defined by the following ‘four modes of supply’: “a) Provided across a border; b) Provided to a foreign visitor; c) Setting up a commercial presence abroad and d) Travel to a foreign country to deliver the service”. Under these terms, a service exporter would be the ‘individual’ (or ‘country’ in the case under examination) who would be paid by a “"non-resident" customer regardless of where the service is provided”. The particular commercial activity (trade of services) can have a significant risk of failure in case that the performance of the services ‘exported’ is not the expected one. For this reason, it is necessary for the ‘exporter’ of services to ensure the credibility of the services provided through the application of specific measures and precautions making sure that any potential risk would be minimized. As for the types of services which are being ‘traded’ within the country, the following categories could be highlighted: a) Freight and insurance, b) Oil sector, c) Private Services, d) Government Services and e) Remittances. These sectors are according to Wilson (2004) the most significant parts of the country’s trade of services. It should be noticed however that the earnings of the country from the trade of services present a significant differentiation throughout the years. In accordance with the study of Wilson (2004, 82) “in 2000 Saudi Arabia was ranked fortieth in terms of earnings from commercial services, with an income of 4.8 billion dollars, most of which was accounted for by the earnings from overseas investments held by private citizens and repatriated to the kingdom; on the other hand, Saudi Arabia’s total payments for commercial services was estimated to 10.9 billion dollars in the same year”. Generally, it could be stated that the services sector in Saudi Arabia is developed at a significant level covering all the country’s financial and social activities. The areas with the highest levels of services provided by both locals and foreigners are however the following ones: health care, agriculture, pharmaceuticals, bio-informatics, nano-bio technology, water purification and environmental research. The industry of oil and petrochemicals are not mentioned in the above list of the Ministry of Commerce and Industry since it is assumed that these two sectors ‘absorb’ the major part of the country’s workforce. The reference to these two sectors regarding the percentage of employees working in them has not been made since these two sectors are the fundamental parts of the country’s economy and their role is expected to be high in the development of the Saudi Arabia’s financial position in the international market. References Al-Hannidy (2005) Banking Sector issues in Saudi Arabia, available at http://www.bis.org/publ/bppdf/bispap28v.pdf AME info (2004) available at http://www.ameinfo.com/42242.html ArabDATANET (2003), Agriculture, available at http://www.arabdatanet.com/country/profiles/profile.asp?CtryName=Saudi%20Arabia&CtryAbrv=sa&NavTitle=Sector%20Analysis [5] BBC News (2005) Saudi WTO membersip approved, available at http://news.bbc.co.uk/2/hi/business/4427880.stm [3] Budde (2007) Saudi Arabia – Telecoms Market Overview and Statistics, available at http://www.budde.com.au/Reports/Contents/Saudi-Arabia-Telecoms-Market-Overview-Statistics-1167.html [6] DomainbBusiness (2006), available at http://www.domain-b.com/finance/insurance/2006/20061011_approves.html Dunn, M. (1995) Is the Sky Falling? Saudi Arabias Economic Problems and Political Stability. Middle East Policy, 3(4): 32-38 Government statistics services http://www.cds.gov.sa/english/enewsectiondetail.aspx?id=32 Haberbeck, A. (2007), Insurance in Saudi Arabia, available at http://www.menabusinessguide.com/04_mena/095_098.htm International Energy Agency, International trade centre http://www.intracen.org/menus/countries.htm Saudi Arabia online. Balance of Trade in Saudi Arabia, available at http://www.saudia-online.com/balance_of_trade.htm [2] Middle East Finance and Economy (2007), available at http://www.ameinfo.com/news/Saudi_Arabia_Focus/ Morse, E. (1999) A New Political Economy of Oil? Journal of International Affairs, 53(1): 1-5 Ministry of Commerce & Industry http://www.commerce.gov.sa/english/moci.aspx?PageObjectId=717 MSN Encarta (2007) Saudi Arabia, available at http://encarta.msn.com/encyclopedia_761575422_6/Saudi_Arabia.html People’s Daily (2002), Saudi Arabia Opens Telecom Sector, but not to Outsiders, available at http://english.people.com.cn/200207/29/eng20020729_100507.shtml [7] Saudi Arabian Monetary Agency (2007) available at http://www.sama.gov.sa/en/faq/index.htm Saudi Commercial Office (2007), available at http://www.saudicommercialoffice.com/ Saudi Arabia Country Analysis Brief http://www.eia.doe.gov/emeu/cabs/saudi.html Saudi Export Developing Center (SEDC) http://www.sedc.org.sa/e/Exports.asp Taecker, K. (1998) Saudi Arabia and the GCC: Exploring for Growth in a Troubled Global Economy. Middle East Policy, 6(2): 29-35 TDS (2007) Saudi Arabia economy, available at http://www.traveldocs.com/sa/economy.htm The library of Congress, Country Studies: Saudi Arabia: Economy, available at http://lcweb2.loc.gov/frd/cs/satoc.html [1] The Saudi Arabia Information Resource, available at http://saudinf.com/main/f1.htm [4] The Saudi Arabia Information Resource (2007) Saudi Consolidated Electricity Companies, available at http://saudinf.com/main/g65.htm [8] The Saudi Network (2007) Saudi Trade Regulations and Standards, available at http://www.the-saudi.net/saudi-arabia/trade_regulations_and_standards.htm Trade in Goods (Imports, Exports and Trade Balance) with Saudi Arabia http://www.census.gov/foreign-trade/balance/c5170.html US Commercial Service (2007) Saudi Arabia, available at http://www.export.gov/articles/Saudi_MoM.asp Wilson, R., Al-Salamah, A., Malik, M., Al-Rajhi, A. (2004) Economic Development in Saudi Arabia. London and New York: RoutledgeCurzon Appendix   Electricity Heat   Unit: GWh Unit: TJ Production from:     - coal 0 0 - oil 81279 0 - gas 78596 0 - biomass 0 0 - waste 0 0 - nuclear 0 0 - hydro 0   - geothermal 0 0 - solar PV 0   - solar thermal 0 0 - other sources 0 0 Total Production 159875 0 Imports 0 0 Exports 0 0 Domestic Supply 159875 0 Statistical Differences 0 0 Total Transformation* 0 0  Electricity Plants 0  Heat Plants 0   Energy Sector** 19234 0 Distribution Losses 11843 0 Total Final Consumption 128798 0 Industry 16399 0 Transport 0 0  Residential 73365 0 Commercial and Public Services 36125 0 Agriculture / Forestry 2909 0 Fishing 0 0 Other Non-Specified 0 0 Table 1 – Electricity/ heat in Saudi Arabia in 2004 (source: International Energy Agency) Table 2 – Saudi crude oil statistics (source: SAMA) Table 3 – Goods and Services in Saudi Arabia for 1999-2000 (source: Government Statistic Services) % To Total Exports Value(Millions Dollar) Country Groups 33 3200 Gulf Cooperation Council 1 26 2533 Asian Not Arabic & Islamic 2 13.3 1333 Western Europe 3 11 1066 Other Arab Countries 4 6.3 600 Islamic Countries 5 6.3 600 North America 6 1.9 186 African Not Arabic & Islamic 7 1.9 186 Australia Oceania 8 0.2 20 South America 9 0.1 8 Eastern Europe 10 100 9733 Total Table 4 – Saudi Exports for the Year 2003 (source Saudi Export Development Center) Value In Billion Dollars 2004 Forecast Changes % 2004 2003 Commodity 10.8 26 9.7 7.3 Total Non Oil Export 4.8 17 4.4 3.6 Petrochemicals 2.2 19 2 1.5 Plastics Products 1 33 0.9 0.6 Base Metal & Articles Of Base Metals 0.4 14 0.37 0.29 Machines, Equipment & Tools 2.2 53 2 1.2 Other Exports Table 5 – Development of non oil exports according to commodity (source Saudi Export Development Center) % To Total Export % To GDP % Growth Value In Billion Dollars The Year 10.5 3.3 - 5.3 1999 8 3.3 17 6.3 2000 10.5 4 17 7.2 2001 10 3.8 1.5 7.3 2002 10.5 4.5 32 9.7 2003 12 5 10.9 10.8 2004* * Estimates of SEDC Table 6 – Development of non oil exports for the years 1999 - 2003 (source Saudi Export Development Center) Trade with Saudi Arabia : 2007 NOTE: All figures are in millions of U.S. dollars. Month Exports Imports Balance January 2007 564.0 2,497.8 -1,933.8 February 2007 568.7 1,700.8 -1,132.2 TOTAL 1,132.7 4,198.6 -3,066.0 Table 7 – USA and Saudi Arabia, Trade Statistics (source: Trade In Goods, 2007) Table 8 – Saudi Arabia – total exports for the years 2002 to 2005 (source: Ministry of Commerce and Industry) Table 9 – Saudi Arabia, Development of Industrial Sector (source: Ministry of Commerce and Industry) Exports 2001-2005 Reporter: Saudi Arabia Product group Value 2001 US$ 000 Value 2002 US$ 000 Value 2003 US$ 000 Value 2004 US$ 000 Value 2005 US$ 000 001 - Live animals except fish 3,991 11,208 22,775 27,097 49,788 011 - Meat of bovine animals, fresh, chilled or frozen 3,433 1,121 893 2,185 3,871 012 - Other meat and edible meat offal, fresh, chilled or frozen (except meat and meat offal unfit or unsuitable for human consumption) 34,333 20,884 44,839 50,456 63,345 016 - Meat and edible meat offal, salted, in brine, dried or smoked; edible flours and meals of meat or meat offal 1,670 290 801 976 2,521 017 - Meat and edible meat offal, prepared or preserved, n.e.s. 9,376 12,712 11,078 19,803 15,528 022 - Milk and cream and milk products other than butter or cheese 115,922 148,681 203,470 240,683 237,389 023 - Butter and other fats and oils derived from milk 310 1,403 4,782 18,372 30,809 024 - Cheese and curd 19,454 23,463 40,133 50,992 89,210 025 - Eggs, birds, and egg yolks, fresh, dried or otherwise preserved, sweetened or not; egg albumin 7,104 7,718 10,237 13,058 15,548 034 - Fish, fresh (live or dead), chilled or frozen 3,289 4,179 5,654 6,639 9,699 035 - Fish, dried, salted or in brine; smoked fish (whether or not cooked before or during the smoking process); flours, meals and pellets of fish, fit for human 18 64 291 634 036 - Crustaceans, molluscs and aquatic invertebrates, whether in shell or not, fresh (live or dead), chilled, frozen, dried, salted or in brine; crustaceans, in 6,698 3,233 13,432 21,215 037 - Fish, crustaceans, molluscs and other aquatic invertebrates, prepared or preserved, n.e.s. 531 2,929 7,751 386 826 041 - Wheat (including spelt) and meslin, unmilled 1 1 4 89 73 042 - Rice 1,990 2,682 2,532 3,261 7,742 043 - Barley, unmilled 49 825 535 916 044 - Maize (not including sweet corn), unmilled 164 119 426 231 326 045 - Cereals, unmilled (other than wheat, rice, barley and maize) 83 91 195 231 145 046 - Meal and flour of wheat and flour of meslin 5 649 201 252 358 047 - Other cereal meals and flours 64 71 118 908 1,030 048 - Cereal preparations and preparations of flour or starch of fruits or vegetables 35,035 41,712 64,261 67,681 86,232 054 - Vegetables, fresh, chilled, frozen or simply preserved (including dried leguminous vegetables); roots, tubers and other edible vegetable products, n.e.s., 27,810 29,784 44,186 56,203 056 - Vegetables, roots and tubers, prepared or preserved, n.e.s. 7,484 10,278 39,669 23,412 26,572 057 - Fruit and nuts (not including oil nuts), fresh or dried 27,799 37,707 41,593 59,552 60,634 058 - Fruit, preserved, and fruit preparations (excluding fruit juices) 892 3,887 3,742 2,636 4,219 059 - Fruit juices (including grape must) and vegetable juices, unfermented and not containing added spirit, whether or not containing added sugar or other sweet 47,385 67,429 118,914 101,410 061 - Sugars, molasses and honey 3,891 4,271 23,323 71,316 67,878 062 - Sugar confectionery 7,452 8,239 10,970 13,662 17,341 071 - Coffee and coffee substitutes 966 633 1,039 934 1,738 072 - Cocoa 63 34 163 328 139 073 - Chocolate and other food preparations containing cocoa, n.e.s. 6,552 6,487 11,204 11,705 14,590 074 - Tea and matι 919 1,056 2,614 3,018 3,689 075 - Spices 6,562 3,408 4,714 3,829 4,327 081 - Feeding stuff for animals (not including unmilled cereals) 1,455 2,001 2,906 5,829 5,462 091 - Margarine and shortening 65 136 400 132 252 098 - Edible products and preparations, n.e.s. 10,426 13,533 38,663 28,114 39,866 111 - Non-alcoholic beverages, n.e.s. 19,360 24,128 56,472 87,416 106,032 112 - Alcoholic beverages 34 4 11 43 121 - Tobacco, unmanufactured; tobacco refuse 16 2 50 104 3 122 - Tobacco, manufactured (whether or not containing tobacco substitutes) 951 349 1,509 2,234 2,052 211 - Hides and skins (except furskins), raw 724 3,699 12,387 20,000 21,715 212 - Furskins, raw (including heads, tails, paws and other pieces or cuttings, suitable for furriers use), other than hides and skins of group 211 3 310 5 109 222 - Oil-seeds and oleaginous fruits of a kind used for the extraction of soft fixed vegetable oils (excluding flours and meals) 471 66 56 139 212 223 - Oil-seeds and oleaginous fruits, whole or broken, of a kind used for the extraction of other fixed vegetable oils (including flours and meals of oil-seeds 111 73 74 104 231 - Natural rubber, balata, gutta-percha, guayule, chicle and similar natural gums, in primary forms (including latex) or in plates, sheets or strip 193 284 1,281 1,975 2,281 232 - Synthetic rubber; reclaimed rubber; waste, parings and scrap of unhardened rubber 1,461 2,094 1,463 1,263 4,557 244 - Cork, natural, raw and waste (including natural cork in blocks or sheets) 1,405 560 85 283 328 245 - Fuel wood (excluding wood waste) and wood charcoal 206 1,209 1,198 636 213 246 - Wood in chips or particles and wood waste 1 10 35 87 98 247 - Wood in the rough or roughly squared 162 74 1,510 846 387 248 - Wood, simply worked, and railway sleepers of wood 1,984 2,158 3,558 7,213 5,092 251 - Pulp and waste paper 5,645 9,341 17,051 27,206 25,196 261 - Silk 64 255 371 123 263 - Cotton 23 695 130 161 106 264 - Jute and other textile bast fibres, n.e.s., raw or processed but not spun; tow and waste of these fibres (including yarn waste and garnetted stock) 35 225 51 64 265 - Vegetable textile fibres (other than cotton and jute), raw or processed but not spun; waste of these fibres 180 28 177 21 62 266 - Synthetic fibres suitable for spinning 19,304 12,685 5,461 26,698 35,973 267 - Other man-made fibres suitable for spinning; waste of man-made fibres 124 21 488 1,825 998 268 - Wool and other animal hair (including wool tops) 4,194 6,128 3,628 7,661 9,952 269 - Worn clothing and other worn textile articles; rags 46,837 64,493 42,792 56,579 35,301 272 - Fertilizers, crude 5,939 2,650 3,252 1,704 1,560 273 - Stone, sand and gravel 17,150 25,063 19,793 14,278 23,495 274 - Sulphur and unroasted iron pyrites 3,588 2,381 6,571 11,465 7,948 277 - Natural abrasives, n.e.s. (including industrial diamonds) 191 85 155 695 333 278 - Other crude minerals 8,134 6,689 13,033 12,357 7,617 281 - Iron ore and concentrates 794 395 5,779 3,948 13 282 - Ferrous waste and scrap; remelting scrap ingots of iron or steel 140 212 873 631 478 283 - Copper ores and concentrates; copper mattes; cement copper 135 96 11,053 27,042 7,440 284 - Nickel ores and concentrates; nickel mattes, nickel oxide sinters and other intermediate products of nickel metallurgy 73 2 58 18 285 - Aluminium ores and concentrates (including alumina) 47 1 617 535 425 286 - Uranium or thorium ores and concentrates 10 287 - Ores and concentrates of base metals, n.e.s. 6,975 7,669 8,010 111 86 288 - Non-ferrous base metal waste and scrap, n.e.s. 44,113 43,033 32,257 47,119 87,601 289 - Ores and concentrates of precious metals; waste, scrap and sweepings of precious metals (other than of gold) 153 1,000 1,345 1,836 50 291 - Crude animal materials, n.e.s. 214 184 770 3,254 1,140 292 - Crude vegetable materials, n.e.s. 4,393 5,496 7,279 12,994 10,456 321 - Coal, whether or not pulverized, but not agglomerated 16 3 86 29 13 322 - Briquettes, lignite and peat 0 132 136 53 325 - Coke and semi-coke (including char) of coal, of lignite or of peat, whether or not agglomerated; retort carbon 2 2 2 5 333 - Petroleum oils and oils obtained from bituminous minerals, crude 50,889,027 55,070,883 70,641,437 92,855,996 137,175,928 334 - Petroleum oils and oils obtained from bituminous minerals (other than crude); preparations, n.e.s., containing by weight 70% or more of petroleum oils or o 7,631,388 8,721,950 7,261,437 12,958,655 18 335 - Residual petroleum products, n.e.s., and related materials 18 53 249,399 139,515 259 342 - Liquefied propane and butane 2,995,803 4,599,601 5,635,270 343 - Natural gas, whether or not liquefied 1 87,437 131,159 252,203 344 - Petroleum gases and other gaseous hydrocarbons, n.e.s. 5 11 1,031,043 90 108 351 - Electric current 26 83 411 - Animal oils and fats 81 175 100 378 137 421 - Fixed vegetable fats and oils, soft, crude, refined or fractionated 20,168 26,136 30,523 35,082 48,445 422 - Fixed vegetable fats and oils, crude, refined or fractionated, other than soft 3,093 3,402 9,154 3,425 2,899 431 - Animal or vegetable fats and oils, processed; waxes; inedible mixtures or preparations of animal or vegetable fats or oils, n.e.s. 2,664 3,149 1,687 1,797 2,779 511 - Hydrocarbons, n.e.s., and their halogenated, sulphonated, nitrated or nitrosated derivatives 822,201 899,375 1,061,414 1,331,549 1,418,581 512 - Alcohols, phenols, phenol-alcohols, and their halogenated, sulphonated, nitrated or nitrosated derivatives 1,149,284 1,219,805 1,355,350 1,492,376 2,235,536 513 - Carboxylic acids and their anhydrides, halides, peroxides and peroxyacids; their halogenated, sulphonated, nitrated or nitrosated derivatives 3,723 28,490 45,364 116,266 154,701 514 - Nitrogen-function compounds 2,556 3,388 1,310 2,209 39,951 515 - Organo-inorganic compounds, heterocyclic compounds, nucleic acids and their salts, and sulphonamides 1,507 2,475 8,575 19,524 11,624 516 - Other organic chemicals 678,276 689,505 757,622 690,972 906,754 522 - Inorganic chemical elements, oxides and halogen salts 307,681 146,508 130,875 128,975 265,907 523 - Metal salts and peroxysalts, of inorganic acids 12,091 14,116 38,180 165,417 56,155 524 - Other inorganic chemicals; organic and inorganic compounds of precious metals 2,180 1,193 1,117 1,429 1,796 525 - Radioactive and associated materials 1,798 555 958 3,639 5,889 531 - Synthetic organic colouring matter and colour lakes, and preparations based thereon 2,118 2,573 12,208 7,991 7,082 532 - Dyeing and tanning extracts, and synthetic tanning materials 551 897 1,674 1,703 2,481 533 - Pigments, paints, varnishes and related materials 67,064 85,546 165,220 221,823 262,471 541 - Medicinal and pharmaceutical products, other than medicaments of group 542 7,195 9,372 9,609 21,173 14,849 542 - Medicaments (including veterinary medicaments) 20,244 22,048 30,689 36,061 104,075 551 - Essential oils, perfume and flavour materials 6,019 4,132 3,467 5,561 4,320 553 - Perfumery, cosmetic or toilet preparations (excluding soaps) 59,508 66,046 73,956 101,275 105,207 554 - Soap, cleansing and polishing preparations 110,455 121,735 144,455 143,240 189,773 562 - Fertilizers, manufactured 321,606 316,794 441,750 460,555 635,321 571 - Polymers of ethylene, in primary forms 1,251,220 1,038,888 1,323,144 2,466,114 3,335,716 572 - Polymers of styrene, in primary forms 57,394 61,582 65,144 61,328 68,897 573 - Polymers of vinyl chloride or of other halogenated olefins, in primary forms 69,782 58,972 60,124 116,873 90,102 574 - Polyacetals, other polyethers and epoxide resins, in primary forms; polycarbonates, alkyd resins, polyallyl esters and other polyesters, in primary forms 16,451 30,373 39,651 67,966 8 575 - Other plastics, in primary forms 140,528 163,830 140,984 291,061 712,722 579 - Waste, parings and scrap, of plastics 3,808 4,353 8,137 12,122 12,401 581 - Tubes, pipes and hoses, and fittings therefor, of plastics 28,502 25,933 36,255 53,655 84,482 582 - Plates, sheets, film, foil and strip, of plastics 36,398 46,519 97,360 113,843 163,322 583 - Monofilament of which any cross-sectional dimension exceeds 1 mm, rods, sticks and profile shapes, whether or not surface-worked but not otherwise worked, 1,075 387 593 613 591 - Insecticides, rodenticides, fungicides, herbicides, anti-sprouting products and plant-growth regulators, disinfectants and similar products, put up in form 770 1,348 2,276 3,719 592 - Starches, inulin and wheat gluten; albuminoidal substances; glues 7,871 8,589 12,673 20,112 25,656 593 - Explosives and pyrotechnic products 807 1,552 5,848 2,001 2,986 597 - Prepared additives for mineral oils and the like; prepared liquids for hydraulic transmission; anti-freezing preparations and prepared de-icing fluids; lub 3,986 3,931 5,062 10,026 598 - Miscellaneous chemical products, n.e.s. 8,617 16,090 29,427 57,277 54,257 611 - Leather 39,532 43,822 44,192 45,177 54,193 612 - Manufactures of leather or of composition leather, n.e.s.; saddlery and harness 690 42 697 2,174 3,975 613 - Furskins, tanned or dressed (including heads, tails, paws and other pieces or cuttings), unassembled, or assembled (without the addition of other materials 6 72 342 102 621 - Materials of rubber (e.g., pastes, plates, sheets, rods, thread, tubes, of rubber) 1,379 2,874 3,371 18,353 22,155 625 - Rubber tyres, interchangeable tyre treads, tyre flaps and inner tubes for wheels of all kinds 5,149 7,807 11,721 10,096 10,706 629 - Articles of rubber, n.e.s. 1,759 581 1,999 3,471 2,649 633 - Cork manufactures 326 338 6,368 10,956 5,711 634 - Veneers, plywood, particle board, and other wood, worked, n.e.s. 1,524 1,718 6,641 13,391 15,439 635 - Wood manufactures, n.e.s. 2,755 8,058 11,967 12,678 15,625 641 - Paper and paperboard 13,675 34,905 81,613 86,112 91,113 642 - Paper and paperboard, cut to size or shape, and articles of paper or paperboard 146,723 204,589 241,946 273,167 339,763 651 - Textile yarn 32,851 25,015 23,988 22,337 59,547 652 - Cotton fabrics, woven (not including narrow or special fabrics) 4,725 1,326 729 741 954 653 - Fabrics, woven, of man-made textile materials (not including narrow or special fabrics) 2,242 4,629 7,727 21,748 27,916 654 - Other textile fabrics, woven 835 1,067 2,143 2,147 1,076 655 - Knitted or crocheted fabrics (including tubular knit fabrics, n.e.s., pile fabrics and openwork fabrics), n.e.s. 3,198 3,180 1,855 1,027 758 656 - Tulles, lace, embroidery, ribbons, trimmings and other smallwares 274 890 1,571 2,101 1,160 657 - Special yarns, special textile fabrics and related products 8,441 11,429 13,743 11,606 30,340 658 - Made-up articles, wholly or chiefly of textile materials, n.e.s. 14,318 14,384 14,799 16,872 19,458 659 - Floor coverings, etc. 58,958 87,728 121,242 114,667 154,554 661 - Lime, cement, and fabricated construction materials (except glass and clay materials) 132,745 160,015 138,861 156,797 194,010 662 - Clay construction materials and refractory construction materials 7,275 11,043 15,553 13,161 15,582 663 - Mineral manufactures, n.e.s. 11,137 12,285 17,450 22,876 18,694 664 - Glass 57,327 75,167 75,236 101,396 101,904 665 - Glassware 41,203 35,775 22,234 13,803 36,805 666 - Pottery 297 838 2,589 3,751 2,793 667 - Pearls and precious or semiprecious stones, unworked or worked 176 3,749 1,821 928 180 671 - Pig-iron, spiegeleisen, sponge iron, iron or steel granules and powders and ferro-alloys 4,647 2,407 18,704 33,585 49,736 672 - Ingots and other primary forms, of iron or steel; semi-finished products of iron or steel 4,107 621 1,951 1,576 5,308 673 - Flat-rolled products of iron or non-alloy steel, not clad, plated or coated 46,962 46,314 126,359 100,717 89,657 674 - Flat-rolled products of iron or non-alloy steel, clad, plated or coated 10,167 19,701 38,380 17,420 16,097 675 - Flat-rolled products of alloy steel 2,809 5,226 24,661 21,498 28,141 676 - Iron and steel bars, rods, angles, shapes and sections (including sheet piling) 99,383 108,392 184,027 291,193 295,300 677 - Rails or railway track construction material, of iron or steel 2,077 10,377 1,230 1,307 1,727 678 - Wire of iron or steel 4,294 2,696 6,638 11,910 20,671 679 - Tubes, pipes and hollow profiles, and tube or pipe fittings, of iron or steel 91,389 157,362 118,628 181,145 208,061 681 - Silver, platinum and other metals of the platinum group 3,663 5,668 1,982 9,787 3,935 682 - Copper 32,782 39,388 36,552 44,513 47,938 683 - Nickel 203 226 320 685 880 684 - Aluminium 27,369 52,540 84,375 79,450 113,006 685 - Lead 4,463 4,375 6,022 16,762 14,801 686 - Zinc 1,885 3,082 2,993 6,207 4,625 687 - Tin 80 1,679 101 238 192 689 - Miscellaneous non-ferrous base metals employed in metallurgy, and cermets 127 39 51 3,046 1,933 691 - Structures and parts of structures, n.e.s., of iron, steel or aluminium 85,928 92,472 122,325 168,303 245,399 692 - Metal containers for storage or transport 44,837 38,633 132,446 150,195 111,011 693 - Wire products (excluding insulated electrical wiring) and fencing grills 33,846 43,560 52,119 49,494 44,773 694 - Nails, screws, nuts, bolts, rivets and the like, of iron, steel, copper or aluminium 4,552 4,188 5,589 8,637 8,891 695 - Tools for use in the hand or in machines 1,954 1,505 4,070 8,120 9,196 696 - Cutlery 651 483 1,481 509 2,427 697 - Household equipment of base metal, n.e.s. 10,007 11,469 10,964 12,405 16,390 699 - Manufactures of base metal, n.e.s. 55,340 62,936 76,779 100,626 109,152 711 - Steam or other vapour-generating boilers, superheated water boilers, and auxiliary plant for use therewith; parts thereof 1,696 13,292 1,469 1,470 767 712 - Steam turbines and other vapour turbines, and parts thereof, n.e.s. 3,876 1,017 5,116 10,624 9,175 713 - Internal combustion piston engines, and parts thereof, n.e.s. 2,553 25,808 11,845 55,937 33,247 714 - Engines and motors, non-electric (other than those of groups 712, 713 and 718); parts, n.e.s., of these engines and motors 6,267 23,272 25,439 9,865 12,048 716 - Rotating electric plant, and parts thereof, n.e.s. 4,706 11,016 25,220 55,262 56,771 718 - Power-generating machinery, and parts thereof, n.e.s. 12,008 11,604 21,766 17,383 12,034 721 - Agricultural machinery (excluding tractors), and parts thereof 1,397 1,431 4,013 7,134 3,296 722 - Tractors (other than those of headings 744.14 and 744.15) 956 9,255 1,977 3,652 4,943 723 - Civil engineering and contractors plant and equipment; parts thereof 25,603 20,695 42,681 95,192 157,114 724 - Textile and leather machinery, and parts thereof, n.e.s. 1,217 4,257 1,300 3,472 9,770 725 - Paper mill and pulp mill machinery, paper-cutting machines and other machinery for the manufacture of paper articles; parts thereof 291 1,227 1,536 1,500 1,837 726 - Printing and bookbinding machinery, and parts thereof 608 20,839 1,256 5,457 4,070 727 - Food-processing machines (excluding domestic); parts thereof 2,747 1,168 1,057 4,424 2,423 728 - Other machinery and equipment specialized for particular industries; parts thereof, n.e.s. 8,259 6,636 13,639 19,021 20,529 731 - Machine tools working by removing metal or other material 6,011 1,673 949 7,236 2,076 733 - Machine tools for working metal, sintered metal carbides or cermets, without removing material 452 3,333 602 1,656 2,105 735 - Parts, n.e.s., and accessories suitable for use solely or principally with the machines falling within groups 731 and 733 (including work or tool holders, 51 117 292 363 737 - Metalworking machinery (other than machine tools), and parts thereof, n.e.s. 1,020 1,720 1,597 6,248 3,067 741 - Heating and cooling equipment, and parts thereof, n.e.s. 74,569 114,319 148,288 190,057 216,196 742 - Pumps for liquids, whether or not fitted with a measuring device; liquid elevators; parts for such pumps and liquid elevators 4,941 8,234 14,537 15,959 22,474 743 - Pumps (other than pumps for liquids), air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with 6,311 9,673 12,788 14,796 744 - Mechanical handling equipment, and parts thereof, n.e.s. 16,791 8,102 17,089 32,649 38,118 745 - Non-electrical machinery, tools and mechanical apparatus, and parts thereof, n.e.s. 58,256 45,957 19,820 37,538 28,700 746 - Ball- or roller bearings 265 358 121 409 718 747 - Taps, cocks, valves and similar appliances for pipes, boiler shells, tanks, vats or the like, including pressure-reducing valves and thermostatically contr 4,154 3,309 4,460 5,958 748 - Transmission shafts (including camshafts and crankshafts) and cranks; bearing housings and plain shaft bearings; gears and gearing; ball screws; gearboxes 692 889 3,564 2,781 749 - Non-electric parts and accessories of machinery, n.e.s. 7,952 14,187 19,327 71,402 17,652 751 - Office machines 405 357 2,155 3,142 3,325 752 - Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machine 1,169 1,919 1,520 6,496 759 - Parts and accessories (other than covers, carrying cases and the like) suitable for use solely or principally with machines falling within groups 751 and 7 3,599 7,163 4,077 4,742 761 - Television receivers (including video monitors and video projectors), whether or not incorporating radio-broadcast receivers or sound- or video-recording o 1,368 1,790 4,668 3,470 762 - Radio-broadcast receivers, whether or not incorporating sound-recording or reproducing apparatus or a clock 2,186 613 1,275 531 1,087 763 - Sound recorders or reproducers; television image and sound recorders or reproducers; prepared unrecorded media 1,295 820 3,388 3,137 5,686 764 - Telecommunications equipment, n.e.s., and parts, n.e.s., and accessories of apparatus falling within groups 761, 762 and 763 18,235 17,121 18,031 29,683 50,175 771 - Electric power machinery (other than rotating electric plant of group 716), and parts thereof 1,873 4,882 9,938 16,804 36,437 772 - Electrical apparatus for switching or protecting electrical circuits or for making connections to or in electrical circuits (e.g., switches, relays, fuses, 9,278 9,688 15,289 25,546 773 - Equipment for distributing electricity, n.e.s. 111,225 89,842 132,196 235,758 298,507 774 - Electrodiagnostic apparatus for medical, surgical, dental or veterinary purposes, and radiological apparatus 1,938 9,163 1,860 2,913 3,573 775 - Household-type electrical and non-electrical equipment, n.e.s. 7,394 10,471 15,493 32,348 29,639 776 - Thermionic, cold cathode or photo-cathode valves and tubes (e.g., vacuum or vapour or gas-filled valves and tubes, mercury arc rectifying valves and tubes, 663 800 2,774 4,339 778 - Electrical machinery and apparatus, n.e.s. 12,142 15,329 24,542 41,925 58,816 781 - Motor cars and other motor vehicles principally designed for the transport of persons (other than motor vehicles for the transport of ten or more persons, 36,690 56,118 125,988 224,709 3 782 - Motor vehicles for the transport of goods and special-purpose motor vehicles 43,198 56,819 72,332 107,605 210,871 783 - Road motor vehicles, n.e.s. 6,999 6,236 5,259 29,995 51,960 784 - Parts and accessories of the motor vehicles of groups 722, 781, 782 and 783 27,290 64,190 56,816 75,304 80,624 785 - Motor cycles (including mopeds) and cycles, motorized and non-motorized; invalid carriages 2,839 1,456 2,646 5,765 4,716 786 - Trailers and semi-trailers; other vehicles, not mechanically-propelled; specially designed and equipped transport containers 5,215 11,796 31,264 51,370 61,501 791 - Railway vehicles (including hovertrains) and associated equipment 529 1,636 993 1,103 2,682 792 - Aircraft and associated equipment; spacecraft (including satellites) and spacecraft launch vehicles; parts thereof 353,476 273,351 138,879 388,442 446,142 793 - Ships, boats (including hovercraft) and floating structures 52,710 14,981 107,319 448,920 446,167 811 - Prefabricated buildings 10,477 11,103 53,775 74,683 66,462 812 - Sanitary, plumbing and heating fixtures and fittings, n.e.s. 2,811 3,205 4,967 12,598 6,263 813 - Lighting fixtures and fittings, n.e.s. 9,519 8,960 6,990 9,125 6,390 821 - Furniture and parts thereof; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings 21,002 34,004 34,736 44,444 39,353 831 - Trunks, suitcases, vanity cases, executive cases, briefcases, school satchels, binocular cases, camera cases, musical instrument cases, spectacle cases, gu 398 891 2,762 6,662 841 - Mens or boys coats, capes, jackets, suits, blazers, trousers, shorts, shirts, underwear, nightwear and similar articles of textile fabrics, not knitted o 2,045 4,662 7,111 15,678 842 - Womens or girls coats, capes, jackets, suits, trousers, shorts, shirts, dresses and skirts, underwear, nightwear and similar articles of textile fabrics, 2,551 3,317 3,753 3,644 843 - Mens or boys coats, capes, jackets, suits, blazers, trousers, shorts, shirts, underwear, nightwear and similar articles of textile fabrics, knitted or cr 5,799 4,344 3,121 3,694 844 - Womens or girls coats, capes, jackets, suits, trousers, shorts, shirts, dresses and skirts, underwear, nightwear and similar articles of textile fabrics, 1,281 679 1,430 1,061 845 - Articles of apparel, of textile fabrics, whether or not knitted or crocheted, n.e.s. 2,909 4,557 7,568 13,669 9,637 846 - Clothing accessories, of textile fabrics, whether or not knitted or crocheted (other than those for babies) 523 388 1,969 3,874 2,553 848 - Articles of apparel and clothing accessories of other than textile fabrics; headgear of all materials 3,471 1,651 4,523 9,528 9,558 851 - Footwear 2,243 4,648 7,220 7,650 8,923 871 - Optical instruments and apparatus, n.e.s. 820 1,429 372 575 1,008 872 - Instruments and appliances, n.e.s., for medical, surgical, dental or veterinary purposes 5,932 5,375 5,373 6,618 9,396 873 - Meters and counters, n.e.s. 280 148 34 17,006 388 874 - Measuring, checking, analysing and controlling instruments and apparatus, n.e.s. 14,177 8,122 8,311 15,020 42,161 881 - Photographic apparatus and equipment, n.e.s. 759 2,309 2,214 2,907 2,313 882 - Photographic and cinematographic supplies 1,258 2,497 9,141 11,329 6,593 883 - Cinematographic film, exposed and developed, whether or not incorporating soundtrack or consisting only of soundtrack 250 144 727 110 56 884 - Optical goods, n.e.s. 947 1,378 2,110 11,375 3,469 885 - Watches and clocks 2,317 2,223 3,098 2,867 4,173 891 - Arms and ammunition 26,237 29,917 4,234 150 6,565 892 - Printed matter 7,511 6,484 8,656 16,598 14,445 893 - Articles, n.e.s., of plastics 52,141 112,397 124,536 151,830 215,683 894 - Baby carriages, toys, games and sporting goods 6,314 7,015 4,052 2,253 5,025 895 - Office and stationery supplies, n.e.s. 2,109 2,381 3,626 4,162 5,089 896 - Works of art, collectors pieces and antiques 1,747 609 1,736 2,073 1,539 897 - Jewellery, goldsmiths and silversmiths wares, and other articles of precious or semiprecious materials, n.e.s. 29,232 61,269 128,784 306,128 92,590 898 - Musical instruments and parts and accessories thereof; records, tapes and other sound or similar recordings (excluding goods of groups 763 and 883) 6,640 3,922 5,583 8,533 7,818 899 - Miscellaneous manufactured articles, n.e.s. 1,476 2,532 3,062 5,054 3,366 931 - Special transactions and commodities not classified according to kind 1,259,551 0 56,323 326,194 961 - Coin (other than gold coin), not being legal tender 8 971 - Gold, non-monetary (excluding gold ores and concentrates) 33,085 14,595 218,078 204,948 181,644 Ta Read More