SAUDI-EU TRADE

SAUDI AND EU SEEK DEEPER TRADE TIES

Saudi exports to European countries reached SAR 34 billion in the first quarter of 2025, according to latest data from the General Authority for Statistics (GASTAT). Imports from the region were just over SAR 52.2 billion, leading to trade flow of SAR 86.2 billion during the period.

France was the kingdom’s biggest export market in the continent, with just over USD 5 billion in Q1, while Germany emerged as the biggest import source with more than SAR 9 billion in shipments.

In 2024, Saudi exports to European nations stood at SAR 164 billion, led by SAR 55.7 billion to Western Europe and SAR 55.2 billion to Southern European states, GASTAT data shows. France was the biggest export market with SAR 227.7 billion, followed by The Netherlands (SAR 16.3 billion) and Turkey (SAR 15.2 billion).

Saudi Arabia was also a major import destination for European countries, accounting for SAR 228 billion of shipments in 2024, led by nations in Western Europe (SAR 104.7 billion), and Southern Europe (SAR 46.2 billion). 

Germany was the biggest import source, accounting for SAR 37.6 billion, followed by Italy (SAR 30.2 billion), and Switzerland (SAR 26.6 billion). 

GCC-EU TRADE

Saudi Arabia is also boosting its trade ties with the European Union (EU) as a member of the Gulf Cooperation Council (GCC).

The EU continued to hold its position as the GCC’s second-largest trading partner, accounting for 11.7% of the bloc’s total global trade. The relationship was particularly strong on the import side: 15.7% of the GCC’s total imports in 2024 came from EU member states, placing the EU just behind China as the Gulf’s top import source. However, the trade balance tilted the other way when it came to exports, as the EU ranked fourth among the GCC’s export destinations, absorbing 7.9% of the region’s outbound goods.

From the European perspective, the GCC held its own as an important economic partner. In 2024, the Gulf ranked as the EU’s sixth largest trading partner, the sixth biggest destination for EU exports, and the 10th largest source of imports. While not at the very top of the EU’s global trading map, the GCC remains a valuable and stable market, particularly for high-value exports. 

Saudi Arabia and the EU are also boosting trade ties in specific areas. These include sustainable energy, as both sides underscore their commitment to speed up the green transformation of economies and societies. 

Information and communication technology (ICT) has also emerged as a major point of collaboration, with the EU and Saudi investing in efforts to turn digitalisation into economic opportunities for citizens. These include gaming, space, robotics and 4th Industrial Revolution, in which the kingdom seeks to deepen its expertise.

Trade of critical raw materials have also increased in importance as Saudi Arabia taps its minerals and metals resources. Europe, which is keen to diversify

UK, FRENCH MOVES

The United Kingdom is also looking to start discussions on a trade deal with Saudi Arabia and other GCC counterparts including the UAE and Qatar, as its next major move, UK chancellor Rachel Reeves told the BBC. 

Other European countries are also eyeing closer trade ties with the region. During a landmark state visit to Riyadh late last year, French president Emmanuel Macron reaffrmed the strength of his country’s bilateral trade and investment relationship with Saudi Arabia, underscoring a shared ambition to elevate cooperation across a wide range of sectors.

The two nations celebrated strengthening economic ties and announced a roadmap for strategic partnership that will serve as a long-term framework for collaboration. At the heart of this partnership is a joint commitment to diversify and expand economic cooperation – moving beyond traditional trade into high-impact sectors such as renew able energy, biotechnology, smart cities, quantum technologies, and artificial intelligence (AI).  

France’s advanced capabilities in hosting global events were also highlighted, with Macron congratulating the kingdom on securing the Expo 2030 bid, to be hosted in Riyadh. Both countries pledged to explore collaboration opportunities tied to the event, as well as broader initiatives under Saudi Arabia’s Vision 2030 and France’s own economic development plans. 

A major outcome of the visit was the Saudi-French Investment Forum, which was attended by industry leaders from both countries. The forum led to a flurry of agreements and memoranda of understanding (MoUs) aimed at boosting mutual investments in energy, infrastructure, education, and advanced manufacturing. 

Energy cooperation took centre stage, with both countries affrming support for joint initiatives in renewables, hydrogen development, and civil nuclear energy and energy transition.

Saudi and France also underscored growing interest in technology-driven sectors, including AI, quantum computing, and biotech, as they agreed to promote joint research, training, and innovation exchange.