The economic ties between Saudi Arabia and China are growing stronger, with China being the world’s second-largest economy and one of the largest consumer and manufacturing markets.
According to the international trade report for the first quarter of 2024 issued by the General Authority for Statistics, China is the primary destination for 15 per cent of Saudi exports, showcasing the profound economic and trade cooperation between the two countries.
Over the past five years (2019 – 2023), the value of Saudi non-oil exports to China has exceeded SR176bn ($47bn), with significant contributions from the chemicals and polymers sector, followed by the metals sector.
Saudi-China trade
The Saudi Export Development Authority has been actively working to improve Saudi exports’ access to the Chinese market and participating in specialised international exhibitions to promote Saudi products and services to potential buyers and visitors and to facilitate business deals to expand their exports.
One of the upcoming exhibitions in which the Kingdom will participate is the Transport and Logistics Exhibition 2024 in China.
Sixteen leading national companies will showcase their logistical and technical services to visitors and interested individuals, highlighting the importance of transportation and logistics as a vital component of the services exports sector.
In 2023, services exports recorded a remarkable performance with a 40 per cent increase compared to the previous year, reaching a value of SR182bn ($48.5bn, according to preliminary data).
This increase was mainly fuelled by the recovery of the travel sector, which constituted 74 per cent of the total services exports valued at SR135bn ($36bn).
The transportation sector followed with exports amounting to SR 24.2bn ($6.5bn) and communication services exports with a value of SR6.3bn ($1.7bn).
Saudi Exports also aims to enhance the readiness of exporters, providing them with the necessary information and studies, and exploring export opportunities by offering specialised studies and reports.
This assistance helps exporters find suitable export opportunities, where the authority focuses on developing the capabilities of exporters by organizing various workshops and training courses.
Also, Saudi Exports places great attention to empowering exporters and addressing the challenges they face, such as customs and non-customs restrictions, and financial and logistical challenges, by cooperating with stakeholders to find practical solutions that can enhance companies’ capabilities to successfully access Chinese markets.
These efforts are part of several services and initiatives provided to achieve sustainable growth in the Kingdom’s non-oil exports.
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