JEDDAH, 20 March 2008 — The balance of trade between Saudi Arabia and China stood at SR75 billion last year, according to Mustafa Sabri, secretary general of the Jeddah Chamber of Commerce and Industry.
“The trade between the Kingdom and China is set to increase further in the year because of China’s increasing dependence on the Saudi crude besides the offer of more investment opportunities between the two countries,” said Sabri in a meeting with a delegation of Chinese businessmen visiting the JCCI headquarters in Jeddah yesterday.
“In the Middle Eastern region, Saudi Arabia offered the greatest cooperation to the economic and trade development in China. The Kingdom offers the highest investment opportunities particularly in the sphere of petrochemicals, natural gas and water desalination in addition to construction projects,” said the head of the Chinese delegation on the occasion.
Saudi Arabia is the largest business partner of China in the Middle East and North Africa region. While China imported 22.18 tons of Saudi crude in 2005 it grew to 25 million tons in 2006. Thus Saudi Arabia has become the largest exporter to China.
“The Kingdom offers the huge investment opportunities particularly in the sphere of petrochemicals, natural gas and water desalination in addition to construction projects,” Sabri said.
The trade between the two countries has been growing steadily over the past five years, he said. In 2005 the Kingdom exported SR35 billion worth of goods and imported SR15 billion and in 2006 the export was worth SR40 billion and import SR17 billion from China, he said.
The balance of trade has been in favorable to the Kingdom because of the rising price of oil. The non-oil exports from the Kingdom to China have also been growing steadily over the period between 2002 and 2006. While the non-oil export was SR1.5 billion in 2002 and it reached SR5.9 billion in 2006. The joint investment in seven industrial and 29 non-industrial activities reached SR2 billion in 2006.