Trade exchange between China and Saudi Arabia amounted to SAR1.67 trillion between 2005 and 2014, as the kingdom remains China’s top trading partner in the Middle East.
In 2014, trade exchange between the two countries fell by seven per cent or SAR19.6 billion to SAR247.8bn, compared with SAR267.4bn in 2013.
The two-way trade between the two countries is largely in favour of Saudi Arabia at SAR74bn or 30 per cent of the total value of bilateral trade, according to data compiled and analysed by Al Eqtisadiah.
The kingdom’s imports from China comprised 22 per cent of the total value of imports in 2014, up by 3.4 per cent compared with 2013.
In 2014, China unseated the US as Saudi Arabia’s largest supplier of goods and products, the data reveals.
Top Saudi imports from China include mobile phones and electronic equipment, while crude oil and its products, in addition to petrochemicals, are considered desert country’s main exports to China.
China imports 1.1 million barrels of crude oil daily, according to the figures.
(SAR1= AED0.98, at the time of publishing)