Saudi Arabia Achieves $47 Billion in Non-Oil Exports to China Over Five Years

KSA, 28 June, 2024 : Saudi Arabia and China are witnessing strengthened economic ties, with China emerging as the largest destination for Saudi exports, comprising 15% of the kingdom's total exports, according to the latest report from the General Authority for Statistics (GASTAT) for the first quarter of 2024.

A significant milestone in this relationship is the substantial growth in Saudi non-oil exports to China, which totaled over SR176 billion from 2019 to 2023. Key exports include chemicals, polymers, and metals, highlighting the robust bilateral trade cooperation between the two nations.

The services sector, particularly transport and logistics, has also played a pivotal role in boosting non-oil exports. In 2023, services exports to China saw a remarkable 40% increase compared to the previous year, reaching SR182 billion. The travel sector led this growth, recording a surge of 43% and constituting 74% of total services exports at SR135 billion, followed by transport at SR24.2 billion and communications services at SR6.3 billion.

Saudi efforts to enhance exports to China are part of broader initiatives to strengthen bilateral relations, underscored by significant diplomatic engagements. A pivotal moment was the meeting between King Salman and Chinese President Xi Jinping in 2016, resulting in agreements aimed at deepening cooperation, including initiatives under the Belt and Road Initiative (BRI) and the 21st Century Maritime Silk Road.

In 2019, Crown Prince Mohammed bin Salman's visit to China further solidified ties, highlighting joint efforts to expand cooperation across various strategic fields. These efforts reflect the depth of the strategic partnership and mutual cooperation between Saudi Arabia and China in fostering economic growth and trade relations.

Source : www.zawya.com