ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tariff
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Quota
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Embargo
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None of the above
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Detailed explanation-1: -Exports The top exports of Saudi Arabia are Crude Petroleum ($95.7B), Refined Petroleum ($10.7B), Ethylene Polymers ($9.17B), Propylene Polymers ($5.28B), and Acyclic Alcohols ($3.22B), exporting mostly to China ($33.4B), India ($16.8B), Japan ($16.3B), South Korea ($14.4B), and United Arab Emirates ($9.21B).
Detailed explanation-2: -Saudi Arabia’s crude oil exports in 2021 had a value of 161.7 billion U.S. dollars. This was the highest amount made by any crude oil exporting country that year and corresponded to a 16.5 percent share of global crude exports based on value.
Detailed explanation-3: -Apart from petroleum, the Kingdom’s other natural resources include natural gas, iron ore, gold, and copper. The national currency is the riyal.
Detailed explanation-4: -Oil Production The United States is by far the world’s biggest producer of oil, having produced around 16.6 million barrels of oil on average per day in 2021. Saudi Arabia and Russia follow head to head in second and third place, having produced around 11 and 10.9 million barrels of oil per day, respectively.