According to the Saudi Press Agency (SPA), the volume of trade exchange between Saudi Arabia and China over the last five years (2017-2021) amounted to 1.2 trillion riyals, demonstrating the strength and durability of the strategic economic partnership, as well as the diversity and multiplicity of trade and investment opportunities in the two countries.
China’s economic presence has grown significantly around the world over the last two decades. The country has already surpassed the United States as the most important trading partner of developed countries like Japan and the European Union. However, the world’s second-largest economy is also making inroads in the Middle East.
The SPA December 2022 report revealed that the volume of trade exchange between Saudi and China reached 304.3 billion riyals in 2021, up 37 percent from 221.6 billion riyals in 2020. Saudi exports to China increased by 59 percent that year, while imports climbed by 12 percent.
Read more: China’s Xi visit to Saudi Arabia cemented Gulf Arab ties
Electrical equipment, heavy machinery, furniture, vehicles, clothing, plastic, iron and steel, ceramic products, rubber, ready-made construction equipment, and many other goods and commodities are exported by China to Saudi, whereas the most notable Saudi exports to China are oil, chemical industries, plastics and their products, and rubber.
The two countries’ main trade and investment partnership opportunities are also in the construction and building sectors, infrastructure projects such as airports, roads, and ports, transport and logistics services, industry, agriculture and food security, renewable energy, petrochemicals, housing, technology, communications, retail, e-commerce, tourism and entertainment, and services, in addition to finance, mining, healthcare, engineering services, small and medium-sized businesses, and other industries.
Read more: Saudi, China ink 34 investment deals during Xi’s visit
34 agreements
Saudi and Chinese companies signed 34 investment agreements during Chinese President Xi Jinping’s visit to the Kingdom in December 2022.
The Saudi Crown Prince Mohammed bin Salman and the Chinese President sides expressed their satisfaction with the distinguished stages that bilateral relations have gone through over the past three decades in a joint statement at the Saudi-Chinese summit.
Both sides stressed the importance of continuing joint work in all fields and deepening relations and exploring new and promising horizons.
Also during the visit, Saudi King Salman bin Abdulaziz and Jinping signed the comprehensive strategic partnership agreement between the two countries.
Furthermore, Jinping stressed that his visit to the Kingdom will open a “new era” for relations between China, the Arab world, the Gulf states, and Saudi Arabia.
