The obvious reason for Xi Jinping’s trip to Saudi Arabia is to foster closer ties with one of China’s largest oil suppliers (Russia and Saudi Arabia have been battling for the top spot for much of the past year), but that alone would overlook the increasingly dynamic economic relationship that’s emerging between these two countries.
Deeper Chinese economic engagement in the Saudi technology, arms manufacturing and automotive sectors are all bolstering the Kingdom’s status as China’s largest trading partner in the Middle East and North Africa.
Two-way trade last year, predominantly oil, topped $87 billion, nearly three times as much as Saudi Arabia traded with the United States.
China-Saudi Arabia Trade by the Numbers:
- OIL: Saudi Arabian oil last year accounted for 17.4% of China’s total crude imports, worth $35.5 billion.
- NON-OIL: With a 16.4% share, China is the top destination for Saudi Arabian non-oil exports.
- IMPORTS: Last year, Saudi Arabia bought $30.32 billion worth of Chinese goods, making China the Kingdom’s largest importer.
- EXPORTS: Saudi Arabia exported $10.96 billion worth of non-oil products to China last year, mostly organic chemicals ($5.15b), plastics ($3.1b) and mineral fuels ($1.36b).
SUGGESTED READING:
- Bloomberg: Xi Jinping Gets Saudi Red Carpet as Middle East Looks Past US by Ben Bartenstein and Sylvia Westall
- Arab News: Arab-China economic ties in focus as President Xi Jinping begins Saudi Arabia visit
