In the first half of 2023, Saudi Arabia expanded its trading horizons with a diverse range of partners. Notably, the United Arab Emirates, Bahrain, and Egypt joined the ranks of Saudi Arabia's largest trading partners during this period, further diversifying the Kingdom's global trade network.
In the first half of 2023, the Kingdom of Saudi Arabia witnessed a notable shift in its merchandise trade figures. The value of trade during this period amounted to 979.88 billion riyals ($261.3 billion), marking a 13.1% decrease from the previous year's 1.128 trillion riyals ($300.8 billion).
During this period, China emerged as Saudi Arabia's leading trading partner, constituting a substantial 18.3% of the Kingdom's foreign trade. The intra-trade between the two countries reached 179.4 billion riyals ($47.84 billion). Saudi Arabia exported goods worth 100.58 billion riyals ($26.82 billion) to Beijing, while imports amounted to 78.85 billion riyals ($21.03 billion). This dynamic trade relationship highlights China's growing prominence on Saudi Arabia's economic landscape.