Saudi Arabia’s non-oil exports to China have reached an impressive $47 billion over the past five years, highlighting the deepening economic ties between the two nations. China now accounts for 15% of Saudi exports, reflecting its crucial role as a major global economy and a key partner in the Kingdom’s diversification efforts away from oil.
According to the General Authority for Statistics (GASTAT), the international trade report for the first quarter of 2024 underscores the robust trade relationship between Saudi Arabia and China. From 2019 to 2023, Saudi non-oil exports to China totaled SR176 billion, with chemicals, polymers, and metals leading the list.
The transport and logistics sector has become a significant part of Saudi Arabia’s services exports, contributing to the overall growth of non-oil exports. In 2023, services exports to China saw a notable 40% increase from the previous year, reaching SR182 billion. This growth was largely driven by the recovery of the travel sector, which surged by 43%, accounting for 74% of total services exports, valued at SR135 billion. The transport sector followed with exports worth SR24.2 billion, and communications services exports at SR6.3 billion.
Saudi Arabia’s efforts to strengthen exports to China are part of a broader strategy to enhance bilateral relations. A key moment in this initiative was the 2016 meeting between King Salman and Chinese President Xi Jinping in Riyadh, resulting in agreements to boost cooperation on the Belt and Road Initiative (BRI) and the 21st Century Maritime Silk Road.
Further strengthening this partnership, Crown Prince and Prime Minister Mohammed bin Salman visited China in 2019. High-level discussions during this visit focused on deepening strategic cooperation across various sectors, reflecting the strong and multifaceted relationship between Saudi Arabia and China.
As Saudi Arabia and China continue to collaborate and expand their economic partnership, the future looks promising for Saudi non-oil exports, laying a solid foundation for ongoing growth and mutual prosperity.
Photo source: Google
By: Montel Kamau
Serrari Financial Analyst
1st July, 2024
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
