Saudi Arabia’s Trade With China Surpasses US and EU combined

[beijingwalker]

Saudi Arabia’s Trade With China Surpasses US and EU combined​

Published February 19, 2023

Saudi Arabia’s Trade With China Surpasses the West​

Over the past two decades, the economic presence of China has been growing significantly around the world.

The country has already surpassed the U.S. as the largest trading partner of developed nations such as Japan and the European Union.

But the world’s second largest economy is making significant inroads in the Middle East as well. This graphic by Ehsan Soltani uses data from the World Trade Organization (WTO) to chart Saudi Arabia’s trading history with the EU, the U.S, and China.

Evolving Trade Relations​

With China’s imports from and exports to Saudi Arabia now exceeding the major oil-producing country’s combined trade with the U.S. and the EU, China has become Saudi Arabia’s dominant trading partner.

Saudi Arabia Net Trade by Year	With China ($B)	With U.S. ($B)	With EU-27 ($B)
2021	$87.3B	$25.1B	$53.1B
2020	$67.2B	$20.6B	$43.8B
2019	$78.1B	$28.3B	$57.4B
2018	$63.5B	$38.2B	$62.7B
2017	$50.1B	$36.0B	$52.6B
2016	$42.9B	$36.0B	$49.1B
2015	$51.8B	$43.2B	$56.9B
2014	$69.1B	$67.1B	$73.0B
2013	$72.2B	$72.1B	$75.2B
2012	$73.3B	$75.3B	$74.3B
2011	$64.3B	$62.7B	$70.0B

Showing 1 to 11 of 21 entries
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Back in 2001, Saudi Arabia’s trade with China was a mere fraction—just one-tenth—of its combined trade with the EU and United States. While the total value of trade was modest at this time, it’s been increasing consistently almost every year since.

By the year 2011, China had surpassed the U.S. for the first time in bilateral trade value with Saudi Arabia. Then by 2018, trade between China and Saudi Arabia surpassed the Middle-Eastern country’s trade with the entire EU.

Fast forward to today, and China has emerged as a larger trading partner with Saudi Arabia than the rest of the West combined.

The Perfect Match?​

China’s status as Saudi Arabia’s biggest trading partner makes sense considering its recent economic growth and focus.

China is the largest buyer of crude oil in the world, and it buys more from the Saudi Arabia than anywhere else. Almost half of the $87.3 billion bilateral trade between the two nations in 2021 was comprised of China’s crude oil imports. This accounted for 77% of China’s total imports from Saudi Arabia, which also included goods like plastic—a petroleum product.

Saudi Arabia, meanwhile, imported over $30 billion worth of goods including technological equipment, telephones, and light fixtures.

How China Became Saudi Arabia’s Largest Trading Partner

This graphic charts Saudi Arabia’s trading history with the EU, the U.S., and it's new largest trading partner — China.

www.visualcapitalist.com

 

[Corruptistan]

Saudi Arabia’s Trade With China Surpasses US and EU combined​

Published February 19, 2023

Saudi Arabia’s Trade With China Surpasses the West​

Over the past two decades, the economic presence of China has been growing significantly around the world.

The country has already surpassed the U.S. as the largest trading partner of developed nations such as Japan and the European Union.

But the world’s second largest economy is making significant inroads in the Middle East as well. This graphic by Ehsan Soltani uses data from the World Trade Organization (WTO) to chart Saudi Arabia’s trading history with the EU, the U.S, and China.

Evolving Trade Relations​

With China’s imports from and exports to Saudi Arabia now exceeding the major oil-producing country’s combined trade with the U.S. and the EU, China has become Saudi Arabia’s dominant trading partner.

Saudi Arabia Net Trade by Year	With China ($B)	With U.S. ($B)	With EU-27 ($B)
2021	$87.3B	$25.1B	$53.1B
2020	$67.2B	$20.6B	$43.8B
2019	$78.1B	$28.3B	$57.4B
2018	$63.5B	$38.2B	$62.7B
2017	$50.1B	$36.0B	$52.6B
2016	$42.9B	$36.0B	$49.1B
2015	$51.8B	$43.2B	$56.9B
2014	$69.1B	$67.1B	$73.0B
2013	$72.2B	$72.1B	$75.2B
2012	$73.3B	$75.3B	$74.3B
2011	$64.3B	$62.7B	$70.0B

Showing 1 to 11 of 21 entries
PreviousNext
Back in 2001, Saudi Arabia’s trade with China was a mere fraction—just one-tenth—of its combined trade with the EU and United States. While the total value of trade was modest at this time, it’s been increasing consistently almost every year since.

By the year 2011, China had surpassed the U.S. for the first time in bilateral trade value with Saudi Arabia. Then by 2018, trade between China and Saudi Arabia surpassed the Middle-Eastern country’s trade with the entire EU.

Fast forward to today, and China has emerged as a larger trading partner with Saudi Arabia than the rest of the West combined.

The Perfect Match?​

China’s status as Saudi Arabia’s biggest trading partner makes sense considering its recent economic growth and focus.

China is the largest buyer of crude oil in the world, and it buys more from the Saudi Arabia than anywhere else. Almost half of the $87.3 billion bilateral trade between the two nations in 2021 was comprised of China’s crude oil imports. This accounted for 77% of China’s total imports from Saudi Arabia, which also included goods like plastic—a petroleum product.

Saudi Arabia, meanwhile, imported over $30 billion worth of goods including technological equipment, telephones, and light fixtures.

How China Became Saudi Arabia’s Largest Trading Partner

This graphic charts Saudi Arabia’s trading history with the EU, the U.S., and it's new largest trading partner — China.

www.visualcapitalist.com

Yet many ignorants will keep talking about KSA being economically dependent on the West. Nonsense. The only thing that makes KSA dependent on the West, is the same international economic system that every country, except a tiny few who are all failed/struggling nations, are a part of.

Same goes for Saudi Arabian oil exports, hardly any (in the wider picture) are going to Western markets compared to non-Western markets.

83% vs 17% .

This is 3 year old data, the percentage has fallen even lower nowadays from what I recall.

 

[beijingwalker]

US trade is becoming irrelevant around the world.

 

[Corruptistan]

US trade is becoming irrelevant around the world.

Not irrelevant to be fair. Remember that China's main trade partner is the US and vice versa.

The reality is that we are living in a more globalized and interconnected world economically than ever before. This is why global economic crisis are usually impacting the entire world economy regardless of origin. Or at least large parts of it.

KSA is expanding their footprint in Africa, regions of Africa with deep and ancient ties to the Arab world such as the Sahel (itself an Arabic word), the Swahili coastline (also an Arabic word), Nigeria (soon to become the 3rd most populous nation in the world), Horn of Africa (immediate larger neighborhood), South East Asia (one of the largest Arab diasporas in the world are located in Indonesia, Malaysia, Brunei (even ruling families there claim Arabian ancestry), South America (Latin America) where the largest Arab diaspora in the world is located (google it, a fascinating history), China obviously, East Asia as a whole and even new markets in Europe (soon gas exports to substitute Russian gas to Europe) etc.

Just like China is constantly looking for new markets and new business opportunities.

In fact KSA has had a trade surplus for years with the US.

United States / Saudi Arabia | OEC

Find the latest trade data and tariffs between United States and Saudi Arabia.

oec.world

KSA-USA relations are strictly business, nothing else. Both nations for better or worse are better off having cordial ties than being hostile. KSA/Arabs were around millennia before the US appeared on the map and will remain to be so.

KSA's fundamental view of the world, and frankly that of Arabs being one of the greatest merchant powers in history and a former ancient imperial power that has had its ups and lows, knows the game in other words, is that trade is beneficial before anything else. Hence KSA's cordial and close ties with the West, East, Muslim World and everything in between by large.

Another look at the policy is to take a look at events in Ukraine. Trying to keep lines open with both parties, work with both etc., not taking sides blindly etc.

Basically what every country should be doing in an ideal world.

Relations also develop over time. Once in history, the US and China were allies against imperial Japan and fought alongside each other.

 

[beijingwalker]

Not irrelevant to be fair. Remember that China's main trade partner is the US and vice versa.

China does trade with all over the world

 

[Corruptistan]

China does trade with all over the world
View attachment 918433

I agree. Not unlike KSA. Except that China is a much larger economy naturally.

I notice another thing from your list. Notice the large and deep economic ties China has with its immediate neighborhood and former enemies/troubled partners.

South Korea, Vietnam, Japan. I consider Hong Kong and Taiwan to be Chinese territories so natural in that way. Singapore too in a way.

I am surprised that the trade between China and Indonesia is not larger given Indonesia's large population and relative proximity of both nations and large Chinese diaspora in Indonesia. I am aware of the bad blood between those two but still a bit surprising.

Australia is the biggest surprise to me on that list.

 

[beijingwalker]

China also buys lots of oil from Russia and Iran

Iran reports highest oil exports yet since US applied sanctions over nuclear deal​

Iran reports highest oil exports yet since US applied sanctions over nuclear deal

Oil minister says 83 million more barrels exported over past year than in previous comparable period, gas exports up 15%; Saudi Arabia's Aramco reports record profits

www.timesofisrael.com