Saudi Arabia and China: A Thriving Economic Partnership Revealed
Discover the growing economic ties between Saudi Arabia and China, with non-oil exports reaching $47bn in the past 5 years. Learn how the two nations are strengthening their trade cooperation.
By Vadim Kouznetsov, published
The economic ties between Saudi Arabia and China are growing stronger, with China being the world’s second-largest economy and one of the largest consumer and manufacturing markets.
A Key Trading Partner
According to the international trade report for the first quarter of 2024 issued by the General Authority for Statistics, China is the primary destination for 15% of Saudi exports, showcasing the profound economic and trade cooperation between the two countries.
Non-Oil Exports Soar
Over the past five years (2019 – 2023), the value of Saudi non-oil exports to China has exceeded SR176bn ($47bn), with significant contributions from the chemicals and polymers sector, followed by the metals sector.
Promoting Saudi Exports
The Saudi Export Development Authority has been actively working to improve Saudi exports’ access to the Chinese market and participating in specialized international exhibitions to promote Saudi products and services to potential buyers and visitors.
Upcoming Exhibition
One of the upcoming exhibitions in which the Kingdom will participate is the Transport and Logistics Exhibition 2024 in China. Sixteen leading national companies will showcase their logistical and technical services to visitors and interested individuals, highlighting the importance of transportation and logistics as a vital component of the services exports sector.
Services Exports on the Rise
In 2023, services exports recorded a remarkable performance with a 40% increase compared to the previous year, reaching a value of SR182bn ($48.5bn, according to preliminary data).
Supporting Exporters
Saudi Exports aims to enhance the readiness of exporters, providing them with the necessary information and studies, and exploring export opportunities by offering specialized studies and reports. This assistance helps exporters find suitable export opportunities, where the authority focuses on developing the capabilities of exporters by organizing various workshops and training courses.
By strengthening their trade cooperation, Saudi Arabia and China are set to boost their economic ties, driving growth and prosperity in both nations.
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