Saudi Non-oil Exports to China Exceed More Than SAR 176 Billion Over Past 5 Years

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% 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 SAR 176 billion, with significant contributions from the chemicals and polymers sector, followed by the metals sector. The Saudi Export Development Authority (SAUDI EXPORTS) has been actively working to improve Saudi exports' access to the Chinese market and participating in specialized 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 SAUDI EXPORTS 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% increase compared to the previous year, reaching a value of SAR182 billion (according to preliminary data).

 This increase was mainly fueled by the recovery of the travel sector, which constituted 74% of the total services exports valued at SAR135 billion. The transportation sector followed with exports amounting to SAR 24.2 billion and communication services exports with a value of SAR 6.3 billion.

 Saudi Exports also aims to enhance the readiness of exporters, providing them with the necessary information and studies, and exploring export opportunities by offering specialized 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 by Saudi Exports to achieve sustainable growth in the Kingdom's non-oil exports. The authority utilizes all its capabilities to encourage Saudi services and products, enhance their competitiveness, and help them access international markets, in a way that reflects the status of Saudi products and contributes to the national economy, fulfils Saudi Exports' objectives, and achieves the goals of the Saudi Vision 2030, so as to meet the wise leadership's aspirations towards diversifying the national economy's income sources.

 Saudi Exports' efforts complement the Kingdom's efforts to boost Saudi-Chinese relations. In 2016, Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud received President of the People's Republic of China Xi Jinping, where the visit witnessed the signing of various agreements and memoranda of understanding between the governments of Saudi Arabia and China, including a memorandum to enhance cooperation on the Economic Belt of the Silk Road and the 21st Century Maritime Silk Road initiative, and boosting cooperation in production capacity.

 Saudi-Chinese relations were significantly boosted in 2019 following the visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to China, where meetings during the visit went over coordination efforts to enhance cooperation between Saudi Arabia and China, which reflects the deep-rooted relations and strategic partnership between the two friendly countries in various fields.