Markets
How China Became Saudi Arabia’s Largest Trading Partner
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 |
2010 | $43.2B | $44.1B | $47.4B |
2009 | $32.6B | $34.0B | $38.2B |
2008 | $41.8B | $69.5B | $58.4B |
2007 | $25.4B | $47.6B | $47.3B |
2006 | $20.1B | $40.9B | $46.2B |
2005 | $16.1B | $35.7B | $39.9B |
2004 | $10.3B | $27.8B | $30.5B |
2003 | $7.3B | $24.1B | $24.4B |
2002 | $5.1B | $18.7B | $20.5B |
2001 | $4.1B | $19.2B | $19.6B |
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.

This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.
Markets
Ranked: U.S. Industries Where Companies Make the Most Profit
A snapshot of which sectors earn the most profit, based on the latest data. Spoiler: #1 is not Big Tech.

Ranked: U.S. Industries With the Highest Profit Margins
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
The investment playbook for 2025 will be very different from 2024, with disruptions expected in trade, AI-spending, and energy markets.
But for an overall look into U.S. markets, here’s some data on which sectors can be generally expected to turn a profit and deliver returns.
In this chart, we rank the top U.S. industries by their average net profit margin in 2024. Data is sourced from Damodaran Online, a database maintained by Aswath Damodaran, faculty at the NYU Stern School of Business.
Big Tobacco is Still Making Big Bucks
Big Tobacco’s business model is still thriving, as evidenced by the sector’s 32% net margin.
Rank | Industry Name | Average Net Margin | Example Firms | # of Publicly-Traded U.S. Firms |
---|---|---|---|---|
1 | Tobacco | 32.0% | Philip Morris / Altria Group | 12 |
2 | Entertainment Software | 27.4% | Meta / Alphabet | 81 |
3 | Retail REITs | 25.5% | Simon Property Group / Kimco Realty Corporation | 28 |
4 | Diversified | 25.2% | Berkshire Hathaway / Honeywell International | 21 |
5 | Rail Transportation | 24.3% | Union Pacific / Norfolk Southern Corporation | 4 |
6 | System & Application Software | 22.9% | Microsoft / Oracle | 333 |
7 | Financial Services* | 22.3% | Visa / Mastercard | 166 |
8 | Water Utilities | 21.3% | American Water Works / Essential Utilities | 15 |
9 | Semiconductor Equipment | 20.1% | Applied Materials / Lam Research Corporation | 30 |
10 | Semiconductor | 20.0% | Nvidia / Broadcom | 63 |
11 | Oil & Gas Production** | 19.5% | ConocoPhillips / Diamondback Energy | 147 |
12 | Asset Management | 17.6% | BlackRock / Blackstone | 231 |
13 | Computers & Peripherals | 16.8% | Apple / Dell | 35 |
14 | Oil & Gas Distribution | 16.2% | The Williams Companies / Kinder Morgan | 24 |
15 | General Utilities | 15.5% | Sempra / Dominion | 14 |
16 | Beverages*** | 14.1% | Coca-Cola / Pepsi | 29 |
17 | REITs | 12.5% | Prologis / Equinix | 192 |
18 | Homebuilding | 12.0% | D.R. Horton / Lennar Corporation | 30 |
19 | Power | 11.3% | NextEra Energy / The Southern Company | 48 |
20 | Construction Supplies | 11.2% | Caterpillar / PACCAR | 46 |
21 | Real Estate Development | 11.1% | AMREP Corporation / Forestar Group | 15 |
22 | Wireless Telecom | 10.8% | T-Mobile / Gogo Inc | 11 |
23 | Restaurant/Dining | 10.6% | McDonald's / Starbucks | 62 |
24 | Building Materials | 10.6% | Carrier Global Corporation / Lennox International Inc | 39 |
25 | Shipbuilding & Marine | 10.5% | Kirby Corporation / Matson, Inc | 8 |
26 | Telecom Equipment | 10.5% | Cisco Systems / Motorola Solutions | 61 |
27 | Household Products | 10.4% | Procter & Gamble / Colgate-Palmolive | 101 |
28 | Shoes | 10.2% | Nike / Steven Madden | 12 |
29 | Coal & Related Energy | 10.1% | CONSOL Energy Inc / Peabody Energy Corporation | 16 |
30 | Machinery | 10.0% | Parker-Hannifin Corporation / Illinois Tool Works | 109 |
Note: *Excludes banking. **Includes exploration. ***Excludes alcohol. To see how companies are categorized, download this file which lists company name, SIC code, and related industry grouping.
How are American tobacco companies still making so much money?
Briefly broken down: they sell an inexpensive and addictive product to a loyal customer base. Suppliers (farmers) have very little bargaining power, keeping their costs slow. And an advertisement ban prevents new players from entering the market.
And while adult smoking rates are trending downward in the U.S., emerging markets are more than offsetting U.S. sales declines.
Globally, the sector’s margin is even higher: at 50%. This translates into 50 cents in profit for every dollar of revenue earned.
Other Profitable Industries
Big Tech’s margins aren’t far behind Big Tobacco. The broader ad-driven space, including companies like Meta and Google, averages a 27% net margin.
The system and application software industry, with companies like Microsoft and Oracle, follow at 23%. And the semiconductor space (chipmakers, designers, and equipment manufacturers) also exceeds 20%.
The chart also highlights the structure of the U.S. market. Some industries are dominated by a few strong leaders (like shoes), while others, such as apps and financial services, have more firms.
Learn More on the Voronoi App 
What industries are on the other end of the scale? Take a look through Ranked: U.S. Industries Where Companies Are Least Profitable for more insights.
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