The Federation of Saudi Chambers (FSC) said the volume of trade exchange between Saudi Arabia and China between 2017 and 2021 amounted to SAR1.2 trillion ($320 billion).
This figure reflects the strength and durability of the strategic economic partnership and the diversity and multiplicity of trade and investment opportunities in the two countries.
The FSC issued an economic report on the occasion of the Chinese president’s visit to the Kingdom at the invitation of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.
It pointed out that the growing bilateral economic ties provide wide opportunities for economic cooperation and establish trade and investment partnerships between the business sectors of the two countries.
The report underlined the opportunities for economic integration between Riyadh and Beijing in light of China’s Belt and Road Initiative and the Silk Road, which are consistent in many of their aspects with the Kingdom Vision 2030.
Saudi Arabia seeks to benefit from its strategic location that connects three continents and become a global logistical hub, which enhances opportunities for cooperation and partnership between the two sides and helps accelerate the pace of development and its sustainability.
The report further referred to the steady growth in the volume of trade exchange between the two countries, which amounted to SAR304.3 billion in 2021, compared to SAR221.6 billion in 2020, up 37%.
Also in 2021, Saudi exports to China increased by 59% and imports went up by 12%, the report showed.
China exports to the Kingdom electrical appliances, equipment, heavy machinery, furniture, vehicles, clothing, plastics, iron and steel, ceramic products, rubber and ready-made construction equipment.
Meanwhile, oil, chemical industries, plastics and their products, and rubber are the most prominent Saudi commodities exported to China.
