China-Middle East Trade Growth Trend (2018-2023)

Overall Trend

From 2018 to 2023, trade between China and the Middle East maintained steady growth. Despite a slight dip in 2020 due to the global pandemic, it rebounded quickly, surpassing the $500 billion mark in 2022. Although growth slowed in 2023, the total value still reached a record high.

Key Year Data

• 2018: Approximately $350 billion, led by trade with Saudi Arabia and the UAE.
• 2019: Approximately $380 billion, up 8.6% YoY, with deepening energy cooperation.
• 2020: Approximately $370 billion, down 2.6% YoY, impacted by the pandemic and falling oil prices.
• 2021: Approximately $450 billion, up 21.6% YoY, driven by robust demand recovery.
• 2022: Approximately $520 billion, up 15.6% YoY, with high energy prices boosting value.
• 2023: Approximately $550 billion, up 5.8% YoY, returning to a normal growth pace.

Drivers

• Energy trade: China consistently imports large volumes of crude oil from the Middle East, mainly from Saudi Arabia, Iraq, and Oman.
• Infrastructure cooperation: Under the Belt and Road Initiative, Chinese companies participate in port, railway, and power projects in the region.
• Emerging sectors: Cooperation in new energy, digital economy, and cross-border e-commerce has grown significantly.

Outlook

As Middle Eastern economies diversify (e.g., Saudi Vision 2030) and China upgrades its industries, the bilateral trade structure is expected to shift from resource dependence to technology and service cooperation.