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China Becomes Saudi Arabia’s New Trading Partner

Thomas Seattle by Thomas Seattle
February 22, 2023
in Economy
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China is economic footprint has grown dramatically during the last two decades. The country has already eclipsed the United States as the largest trading partner of industrialized nations such as Japan and the European Union. Yet, the world’s second-largest economy is also making substantial advances in the Middle East.

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blockdag 70m

Saudi Arabia’s Trade with China’s Surpassed Its Trade with the West

China’s imports from and exports to Saudi Arabia now exceed the large oil-producing country’s total commerce with the United States and the European Union, becoming China Saudi Arabia’s dominating trading partner.

In 2001, Saudi Arabia’s commerce with China was a paltry tenth of its trade with the EU and the US. While the total amount of commerce was low then, it increased steadily practically every year thereafter.

By 2011, China had surpassed the United States in bilateral trade value with Saudi Arabia for the first time. Then, by 2018, trade between China and Saudi Arabia had overtaken trade between the Middle Eastern country and the whole EU. Now, China is a greater trading partner with Saudi Arabia than the rest of the Western world combined.

Oil and Petroleum Products What China Most Buys from Saudi Arabia

Oil and Petroleum Products What China Most Buys from Saudi Arabia

Given its recent economic development and emphasis, China’s place as Saudi Arabia’s largest trading partner makes sense.

China is the world’s largest importer of crude oil, and it buys more from Saudi Arabia than any place else. China’s crude oil imports accounted for about half of the $87.3 billion in bilateral commerce between the two countries in 2021. This accounted for 77% of China’s total imports from Saudi Arabia, including petroleum products like plastic.

Meanwhile, Saudi Arabia bought almost $30 billion in products, including technology equipment, telephones, and light fixtures.

Keep reading: Rescue Efforts Carried Out After the Earthquake in Türkiye Completed Except for Two Cities

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Thomas Seattle

Thomas Seattle

I graduated from Lancaster University and currently working in the financial services industry. I’m a goal-driven journalist who tracks down personal and corporate finance stories and delivers on deadline and a reporter/editor with extensive experience in newspapers, magazines and the internet in public and private markets, equity and debt, M&A, banking, fintech areas.I am very passionate about philosophy, which was my major study area in the university, innovation, ethical business practices, corporate social responsibility, and learning new skills and languages. In my time working with non-profits, judges, financial startups, and other companies and organizations, I have developed an excitement for generating innovative ideas and using them to create lasting, impactful solutions. I am fortunate to have been involved in every part of the implementation process, from brainstorming to designing a plan of action with a team to completing the projects, and love being able to use my creativity in every step of the way.

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