Riyadh, Saudi Arabia — Saudi Arabia and China explored trade and investment opportunities during a virtual meeting between the two countries on Thursday.
The meeting was co-chaired by Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih, and Chinese Minister of Commerce Wang Wentao.
The two sides reviewed the growth of bilateral trade, and the volume of the commercial partnership between the two countries.
The two countries discussed investment opportunities and ways of consolidating cooperation.
The meeting reviewed the major economic developments between the two countries, as China is the main partner of the kingdom in commodity trade.
Saudi Arabia’s exports to China, in the second quarter of 2022, amounted to SAR63 billion (about $16.8 billion), which makes China the main destination for the kingdom’s exports.
The kingdom has topped the list of oil suppliers to China, since the beginning of the year so far, with the total quantity supplied to China amounting to 49.84 million tons.Â
In addition, Saudi Arabia is the largest partner for Chinese investments within the Belt and Road Initiative during the first half of 2022, with investments amounting to SAR20.6 billion ($5.5 billion), or approximately SAR3.5 billion (about $1 billion) per month.
The value of the kingdom’s exports to China, in 2021, exceeded about SAR190.9 billion (USD50.9 billion), which constituted 18.4 percent of the total Saudi exports that year.Â
Saudi Arabia’s exports to China, during the second quarter of 2022, amounted to SAR63.4 billion ($16.9 billion), while the value of the kingdom’s imports from China, during the second quarter of 2022, amounted to SAR33.75 billion ($9 billion).