Gulf-China trade hit record levels in 2024, overtaking flows between the region and the West for the first time as oil-rich Middle East nations build deeper ties to one of the largest customers for their oil and gas.
Trade between the Gulf and China reached $257 billion last year, just ahead of the region’s $256 billion trade with the Eurozone, UK, and US combined, according to a report by think tank Asia House, a gap that’s expected to widen in the years ahead. “Amid deep disruption to global trade, Gulf economies are expanding their relationships with Asia faster than with any other region,” said the report’s author Freddie Neve.
The US has tried to counter growing Chinese influence in the Gulf and the issue is likely to feature when Saudi Crown Prince Mohammed bin Salman visits Washington next week. Yet the Gulf is already awash in Chinese technology, investors, and construction companies in a reordering of supply chains and partnerships that will shape global growth.