The international trade report for the first quarter of 2024 from the General Authority for Statistics (GASTAT) shows that China is the primary destination for 15 percent of Saudi exports. This highlights the strong economic and trade relationship between Saudi Arabia and China.
The economic ties between Saudi Arabia and China are growing stronger. China is the world’s second-largest economy and one of the largest consumer and manufacturing markets.
Increasing non-oil exports to China
Over the past five years (2019-2023), the value of Saudi non-oil exports to China has exceeded SAR176 billion ($46.9 billion). Furthermore, the chemicals and polymers sector and the metals sector have made significant contributions.
Promoting Saudi exports to the Chinese market
The Saudi Export Development Authority (SAUDI EXPORTS) has been working to improve Saudi exports’ access to the Chinese market. This includes participating in specialized international exhibitions to promote Saudi products and services and facilitate business deals to expand exports.
Showcasing logistical and technical services
One upcoming event is the Transport and Logistics Exhibition 2024 in China, where 16 leading national companies will showcase their logistical and technical services. This further highlights the importance of transportation and logistics as a vital component of the services exports sector.
Growth in Saudi services exports
In 2023, Saudi services exports recorded a 40 percent increase compared to the previous year, reaching a value of SAR182 billion. This was mainly driven by the recovery of the travel sector, which constituted 74 percent of total services exports. The transportation and communication services sectors also saw strong exports.
Enhancing exporters’ capabilities
Additionally, Saudi Exports aims to enhance the readiness of exporters by providing information, studies, and specialized reports to help them find suitable export opportunities. The authority also organizes workshops and training courses to develop exporters’ capabilities.
Empowering exporters and addressing challenges
Moreover, Saudi Exports focuses on empowering exporters and addressing challenges they face, such as customs and non-customs restrictions, and financial and logistical issues. This is done by cooperating with stakeholders to find practical solutions.
Aligning with Saudi Vision 2030
These efforts are part of Saudi Exports’ services and initiatives to achieve sustainable growth in the Kingdom’s non-oil exports. Moreover, the authority works to encourage Saudi services and products, enhance their competitiveness, and help them access international markets, in line with the goals of the Saudi Vision 2030.
Strengthening Saudi-Chinese relations
Saudi-Chinese relations have been significantly boosted in recent years. In 2016, King Salman received President Xi Jinping, and various agreements and memoranda of understanding were signed. This was followed by a visit by Crown Prince Mohammed bin Salman to China in 2019, where further cooperation efforts were discussed.
For more news on logistics, click here.
