India and Saudi Arabia enjoy cordial and friendly relations reflecting old economic and socio-cultural ties. During FY24 (April-March), India’s imports from Saudi Arabia were valued at US$ 31.80 billion and exports to Saudi Arabia were worth US$ 11.56 billion. Major export from India to Saudi Arabia includes engineering goods, rice, petroleum products, chemicals, textiles, food products, and ceramic tiles.
The two countries hold bilateral engagements in sectors like defence, investments, strategy, security, science and technology, and education alongside trade, energy, and Diaspora factors. To realize the full potential of their commercial relations in multitude and magnitude, the two countries are now focusing on the diversification of bilateral trade ties beyond the conventional field of oil. The aim is to explore opportunities in novel areas such as tourism, renewable energy, housing, health, entertainment, etc.