Arab-China trade seen hitting $190bn this year

Volume of trade between Arab world and China reaches $142.6bn in first nine months
Arab-China trade seen hitting $190bn this year
The volume of trade between the Arab world and China is set to hit $190bn this year. (AFP/Getty Images - photo for illustrative purposes only)
By Andy Sambidge
Sat 03 Dec 2011 10:02 AM

The volume of trade between Arab countries and China amounted to $142.6bn in the first nine months of this year.

The figure represents a significant increase on last year when the year-end total reached $145.4bn.

Lon John, the vice rector of Chinese University of International Business and Economics said in a seminar that total trade between China and the Arab world was likely to hit $190bn for the whole of 2011.

He said China was considered as one of the most important trading partners to Arab countries, having risen from just $36.4bn seven years ago, Saudi Press Agency reported.

In May, the Economist Intelligence Unit (EIU) said in a report that China is expected to be the GCC's most important economic partner by 2020.

The emergence of China and India and the growing economic importance of sub-Saharan Africa presented massive opportunities for the GCC, the report said.

As well as China, South Korea, Singapore, Malaysia and India will remain important as providers of technology and know-how for GCC states, the report said.

Globally, emerging markets are seen driving growth in the years ahead. Around two-thirds of the world's economic growth will be generated by emerging markets in the next five years, according to EIU forecasts.

By 2015, emerging markets are projected to account for 41 percent of global GDP, compared to an estimated 31 percent in 2011.

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