How China Became Saudi Arabia's Largest Trading Partner
Connect with us

Markets

How China Became Saudi Arabia’s Largest Trading Partner

Published

on

Saudi Arabia turns to China for trade

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 YearWith 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.

To see what other countries China has become the largest trading partner of, check out How China Overtook the U.S. as the World’s Major Trading Partner.
green check mark icon

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.

Click for Comments

Markets

How Major Asset Classes Have Performed Since 2020

Explore asset class performance from 2020 to 2024, highlighting trends in Bitcoin, gold, equities, and bonds.

Published

on

How Major Asset Classes Have Performed Since 2020

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.

Key Takeaways

  • Bitcoin climbed 301% in 2020 as investors flocked to it as an inflation hedge and institutional adoption grew
  • Gold surged in 2024 as falling interest rates and persistent geopolitical uncertainty boosted demand for safe-haven assets

Over the past five years, asset classes have experienced significant shifts, influenced by global events and economic policies. This infographic illustrates the annual performance of major asset classes from 2020 to 2024, highlighting the volatility and resilience across different assets during this period.

Data & Discussion

The data, sourced from Bilello.blog, provides a comprehensive overview of annual returns for various asset classes between 2020 and 2024.

ETF Asset Class 2020 2021 2022 2023 2024
GLD Gold 24.8% -4.2% -0.8% 12.7% 26.7%
EFA EAFE Stocks 7.6% 11.5% -14.4% 18.4% 3.5%
N/A Bitcoin ($BTC) 301% 66% -65% 156% 121%
VWO EM Stocks 15.2% 1.3% -18% 9.3% 10.6%
EMB EM Bonds (USD) 5.5% -2.2% -18.6% 10.6% 5.5%
HYG High Yield Bonds 4.5% 3.8% -11% 11.5% 8%
BND US Total Bond Market 7.7% -1.9% -13.1% 5.7% 1.4%
BIL US Cash 0.4% 0.1% 1.4% 4.9% 5.2%
LQD Investment Grade Bonds 11% -1.8% -17.9% 4.9% 0.9%
QQQ US Nasdaq 100 48.6% 27.4% -32.6% 54.9% 25.6%
DBC Commodities -7.8% 41.4% 19.3% -6.2% 2.2%
SPY US Large Caps 18.4% 28.7% -18.2% 26.2% 24.9%
VNQ US REITs -4.7% 40.5% -26.2% 11.8% 4.8%
TLT Long Duration Treasuries 18.2% -4.6% -31.2% 2.8% -8.1%

Bitcoin’s Volatility and Growth

Bitcoin experienced a remarkable surge of 301% in 2020, driven by rising investor interest in cryptocurrencies. Despite a significant drop of 65% in 2022, it rebounded with gains of 156% in 2023 and 121% in 2024, showcasing its unprecedented volatility and return potential.

Gold’s Resilience Amid Uncertainty

Gold demonstrated resilience, particularly in 2024, with a 26.7% increase, as investors sought safe-haven assets amid falling interest rates and geopolitical tensions. Its performance highlights gold’s traditional role as a store of value during periods of economic instability and market volatility.

U.S. Equities

US equities, represented by the S&P 500 (SPY), showed strong performance in 2021 and 2023, with gains of 28.7% and 26.2% respectively. However, 2022 saw a significant decline of 18.2%, setting a record for the biggest annual drop since 2008.

2025 has been another rocky year so far due to escalating tariff threats. When focusing on the first 73 trading days of a year, 2025 is the S&P 500’s fifth worst year in history.

Learn More on the Voronoi App

If you enjoyed today’s post, check out this visual breakdown of global market capitalization on Voronoi, the new app from Visual Capitalist.

Continue Reading

Popular