China and the nations of the Middle East are witnessing tighter trade relations, as the investments in the Belt and Road Initiative are going on. This is a great time for companies on both sides to invest in import and export to enjoy the increasing economic value between the two regions.
China is continuing to focus on its “Go West” strategy as part of the famous Belt and Road Initiative by President Xi Jinping. A greater cooperation between China and the Middle East is one of the key aspects of Beijing’s wider plan to develop healthy economies and expand trade to achieve more wealth for the nations along the trade routes, especially the Arabic countries in the Middle East.
China’s leaders have stated the vision for an enhanced relationship with the countries of this region. Recently published papers about the relationship between China and the Middle East reflect the Middle-East’s soaring importance in Beijing’s eyes, and could very well be a harbinger of its future plans. As a fact, from 2004 to 2014, trade flows between the two parties have witnessed surges around 600%.
The Belt and Road Initiative involves six key economic corridors in the path, namely Central Asia, East Asia, Southeast Asia, the Middle East, North Africa and Europe. Beijing’s gigantic economic development project goes beyond exporting the countries huge production capacity. Besides significant trade relation improvements, China is aiming to build selected industrial bases in the Middle East and North African countries by using technical and production expertise from the world’s second-largest economy.
In a speech before the Arab League in Cairo on January 2016, Chinese President Xi Jinping described his view of China’s role in the Middle East: “Instead of looking for a proxy in the Middle East, we promote peace talks; instead of seeking any sphere of influence, we call on all parties to join the circle of friends for the Belt and Road Initiative; instead of attempting to fill the “vacuum,” we build a cooperative partnership network for win-win outcomes.”
The efforts by Beijing will inevitably connect western China to the Islamic countries. It will mean developing a corridor through various projects including railway systems, trade hubs, and logistic centres. There are also plans to expand ports, enhancing the maritime trade.
Currently, China’s relation with the Middle East is in a remarkable development. A look at the numbers is revealing the investment volume and trade relationship the nations are building up. In 2010, China’s trade with Arabian countries was worth USD145 billion. By 2014, it had already grown by more than 72% to USD250 billion and it is still rising. According to official Customs data, China is now the largest exporter to selected nations in the Middle East and North Africa, while those nations in return account for about 40% of China’s oil imports.
China’s Belt and Road Project is an ambitious plan to rebuild the old trade routes that ran westward from China through Central Asia and the Middle East into Africa and Europe, known as the Silk Road. Beijing launched the giant project in 2014 with USD40 billion in investment, and it has been largely focused on developing infrastructure and gas and oil pipelines throughout Central Asia.
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Knowing that the trade relation between China and the Middle East is continuing to surge in the next years and decades, together with a developing infrastructure and logistic, opens the potential for companies in these regions to get access to new markets and get significant business growth.
However, it is essential to know about the import and export situation of the targeted countries in order to know in which commodities to invest and where are the buyers and suppliers along my supply chain. This is where the analysis of Customs data makes the difference and turns followers into market leaders.
Tranalysis is providing detailed import and export analysis of China and the countries in the Middle East, revealing the price and quantity of thousands of traded commodities, as well as the buying and supplying companies of the commodities. The trade reports showing exactly where the main demand and supply is coming from, turning them into powerful investment guidelines and negotiation leverages.
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