- Saudi Arabia’s non-oil exports to China exceeded SR176 billion ($46.93 billion) from 2019 to 2023, with China accounting for 15% of Saudi Arabia’s total exports.
- The export of services to China surged by 40% in 2023, driven by a 43% increase in the travel sector, which constitutes 74% of total services exports.
- The 2016 meeting between King Salman and President Xi Jinping and the 2019 visit by Crown Prince Mohammed bin Salman bolstered strategic trade relations.
- Continuous diplomatic efforts and strategic initiatives are expected to further enhance Saudi Arabia’s trade relations with China, promoting economic cooperation and mutual benefits.
Saudi Arabia’s non-oil exports to China have seen remarkable growth, exceeding SR176 billion ($46.93 billion) from 2019 to 2023. China has firmly established itself as the primary destination for these exports, accounting for 15% of Saudi Arabia’s total exports.
The major components of Saudi non-oil exports to China include chemicals, polymers, and metals. These categories have consistently topped the list, highlighting the strong industrial trade links between the two nations.
Export Services Surge
The export of services to China experienced a substantial increase in 2023. The value of these exports reached SR182 billion, marking a 40% rise compared to the previous year.
This surge was largely driven by the recovery of the travel sector, which saw a 43% increase and constitutes 74% of the total services exports, valued at SR135 billion.
Additionally, the transport sector’s exports amounted to SR24.2 billion, and communications services exports were valued at SR6.3 billion.
Strategic Trade Relations
Saudi Arabia’s efforts to enhance exports to China are part of a broader strategy to strengthen bilateral relations.
A significant milestone in this relationship was the 2016 meeting between Custodian of the Two Holy Mosques King Salman and Chinese President Xi Jinping in Riyadh.
This meeting resulted in several agreements and memorandums of understanding aimed at boosting joint cooperation, including a key memorandum on the Belt and Road Initiative (BRI) and the 21st Century Maritime Silk Road, integral components of the BRI.
Continued Diplomatic Efforts
In 2019, the visit of Crown Prince and Prime Minister Mohammed bin Salman to China further solidified the strategic partnership between the two countries.
High-level meetings during this visit focused on enhancing cooperation in various fields, reflecting the depth and strength of Saudi-Chinese relations.
The sustained growth in Saudi Arabia’s non-oil exports to China underscores the strong economic ties between the two nations.
With strategic efforts and continuous diplomatic engagements, Saudi Arabia is poised to further strengthen its trade relations with China, enhancing economic cooperation and mutual benefits for both countries.
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Last Updated on June 29, 2024 by Safiya K
