China and Saudi hit trade target ahead of time

China Customs statistics show that in 2008 China and Saudi Arabia's bilateral trade reached 41.8 billion USD. That means the two countries realized the trade goal two years ahead of schedule. During President Hu Jintao's visit to Saudi Arabia in 2006 China and Saudi Arabia, China's biggest trading partner in western Asia and Africa, decided to increase their bilateral trade to 40 billion USD by 2010.

The trade in 2008 has an increase of 64.7 percent over 2007. China's export was 10.8 billion USD, an increase of 39 percent; import from Saudi Arabia totaled 31 billion USD, an increase of 76.6 percent. Saudi Arabia has been China's largest trading partner in western Asia and Africa for years.

According to the Economic and Commercial Counsellor's Office of the Embassy of China in Soudi Arabia, Saudi Arabia is China's biggest oil supplier. China's oil imports from Saudi Arabia totaled 36 million tons in 2008, a year-on-year increase of 38 percent, accounting for 20% of China's total oil imports.

As large-scale EPC projects (Engineering, Procurement and Construction (EPC)) by Chinese-funded enterprises are increasing in Saudi Arabia, China's engineering equipment and raw materials exports are growing.

China's main exports to Saudi Arabia are garments and textile, mechanical and electrical products. China mainly imports from Saudi crude oil, liquefied petroleum gas, and primary plastics.

The bilateral trade volume has achieved a steady growth since the establishment of diplomatic relations between China and Saudi Arabia. The trade volume between the two countries grew from 290 million USD in 1990 to 5.1 billion USD in 2002, of which China's export was 1.67 billion USD and import 3.43 billion USD.

Source: People's Daily