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Riyadh: Trade between Saudi Arabia and the United States grew 16 per cent to a record 148.11 billion Saudi riyals ($39.49 billion) last year, compared to 127.52 billion Saudi riyals ($34 billion) in 2005.
The trade balance remains heavily tilted in favour of Saudi Arabia with a surplus of 89.55 billion Saudi riyals which is an increase of 17 per cent compared to 2005 where the Saudi trade surplus with the US was 76.42 billion riyals. In 2006 also, the value of Saudi exports to the US touched 118.8 billion riyals compared to 101.9 billion riyals in 2005.
At the same time, American exports to Saudi Arabia in 2006 increased by 14.6 per cent to 29.28 billion riyals compared to 25.5 billion riyals in 2005.
Meanwhile, a US trade delegation headed by Israel Hernandez, US Department of Commerce Assistant Secretary will visit Saudi Arabia on March 17. This is the second visit by Hernandez to the Kingdom in less than a year.
Excellent opportunities
Saudi Arabia provides excellent growth opportunities for US companies in a number of diverse industries. Hernandez's mission aims at boosting business and investment ties between the two countries.
In his week-long visit, Hernandez will be accompanied by a 40 businessmen delegation representing 30 major American companies like Boeing, TS Technologies, Pioneer Plastic, General Electric and others.
In a related development a delegation from Lehman Brothers, the fourth largest investment bank in the US will visit Saudi Arabia next week to explore investment opportunities in the Kingdom.
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