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China’s exports to Saudi Arabia up 17.1 per cent in six months

Trade exchange between the two countries remains strong despite the lower prices and demand for oil

The value of China’s exports to Saudi Arabia in the first six month of the current year jumped by 17.1 per cent to $11.36 billion, an official reveals.

During the six-month period, China’s oil imports hit 26.38 million tones, up by 9.2 per cent compared with the same period last year, says Lee Ching Won, the Chinese ambassador to Saudi Arabia.

In remarks published by Al-Eqtisadiah, the ambassador says the trade exchange between the two countries remains strong despite the lower prices and demand for oil.

He downplayed the impact of the plunge of oil prices on the economic cooperation between his country and Saudi Arabia, noting that the kingdom remains the largest trading partner to China in Western Asia and Africa and the largest supplier of oil to China.

The ambassador emphasised that Saudi Arabia and other members of the Gulf Cooperation Council are important partners of China to push the “One Belt, One Road” project forward.

He said he was confident that China and GCC countries will further deepen bilateral economic cooperation and work for the introduction of a joint free trade zone.

($1 = AED3.67, at the time of publishing)