Trade Relations Between China and Saudi Arabia: Who Benefits More?

Riyadh and Beijing share strong trade and economic relations, with China being Saudi Arabia’s largest trading partner and the kingdom the biggest oil supplier to the Chinese dragon. A report prepared by Reuters prior to an upcoming Chinese-Arab summit set to take place in Saudi Arabia this week indicates that the value of trade between China and the kingdom reached $87.3 billion in 2021. According to the data, Chinese exports to Saudi Arabia amounted to $30.3 billion, while imports from the kingdom were $57 billion, indicating that the balance of trade favors Riyadh, thanks to crude oil exports. Chinese customs data confirms that Saudi Arabia is China's largest oil supplier, providing 18% of China’s total crude oil purchases. Saudi Arabia is scheduled to host a Chinese-Arab summit on December 9, 2022, with participation from Chinese President Xi Jinping, and leaders of both countries are expected to discuss trade relations and regional security. Dozens of agreements covering energy and investments are anticipated to be signed between China, Saudi Arabia, and other Arab countries.