China is main destination for Saudi exports

China is main destination for Saudi exports
China is main destination for Saudi exports

Saudi Arabia's exports to China, in the second quarter of 2022, amounted to SR63 billion (about $16.8 billion), which makes China the main destination for Saudi goods, the Saudi Press Agency (SPA) reported. A meeting of the fourth session of the Sub-Committee for Trade and Investment, emanating from the Saudi-Chinese High-Level Joint Committee, was held virtually on Wednesday.

The meeting was co-chaired by Minister of Investment Eng. Khalid Al-Falih, and Chinese Minister of Commerce Wang Wentao. The Kingdom has topped the list of oil suppliers to China, since the beginning of the year, with the total quantities supplied by the Kingdom to China amounting to 49.84 million tons.

The Kingdom is the largest partner for Chinese investments within the Belt and Road Initiative during the first half of 2022, with investments amounting to SR20.6 billion ($5.5 billion), or approximately SR3.5 billion (about $1 billion) per month. During the meeting, the two sides reviewed the levels of growth witnessed by bilateral trade, and the volume of the commercial partnership between the two countries. They also discussed the good outcomes achieved by joint projects as well as remarkable contributions to promoting development. Investment opportunities and ways of consolidating cooperation between the two countries were also discussed. The meeting reviewed the most prominent economic developments between the two countries, as the People's Republic of China is the main partner of the Kingdom in commodity trade.

The two sides highlighted the trade relations between the two countries and expressed satisfaction over the achievements so far. The value of the Kingdom's exports to China, in 2021, exceeded about SR190.9 billion ($50.9 billion), which constituted 18.4% of the total Saudi exports that year. The Kingdom's exports to China, during the second quarter of 2022, amounted to SR63.4 billion ($16.9 billion), while the value of the Kingdom's imports from China, during the second quarter of 2022, amounted to SR33.75 billion ($9 billion). The meeting also was attended by Saudi Ambassador to China Abdurrahman Al-Harbi and the representatives of the governmental institutions from both sides.

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