📈 The Evolution of Saudi Arabia’s Trade with China, the EU, and the U.S.

China has emerged as Saudi Arabia’s largest trading partner and the world’s leading importer of crude oil, while Saudi Arabia stands as China’s primary trade partner in the Middle East and its second-largest global crude oil supplier. In 2024, bilateral trade between the two countries reached $107 billion—surpassing Saudi Arabia’s combined trade with the European Union ($75 billion) and the United States ($26 billion). This shift underscores a broader realignment of Saudi Arabia’s economic ties toward Asia, particularly in the context of China’s growing influence in global energy markets.

From 2000 to 2024, Saudi-China trade expanded at a remarkable 15.9% compound annual growth rate (CAGR), soaring from just $3.1 billion to $107 billion. Over the same period, trade with the EU grew at a 4.5% CAGR (from $26 billion to $75 billion), while trade with the U.S. increased at a modest 1.0% CAGR (from $21 billion to $26 billion). These figures highlight China’s rapidly rising share in Saudi Arabia’s global trade portfolio.