China-Arab trade peaks at $240 billion in 2020 despite virus
Chinese Vice Minister of Commerce Qian Keming said that the volume of bilateral trade between Beijing and Arab nations reached $239.8 billion last year, with China ranked the largest trading partner with countries in the region, according to the Xinhua News Agency Monday.
Exports to Arab countries from China amounted to $123.1 billion in 2020, an increase of 2.2 percent year on year, despite the global pandemic said Keming.
Mechanical and electrical as well as high-tech products - which increased 6.1 and 3.3 percent respectively - make up 67.4 percent of total exports.
The vice-minister added that Chinese investments in Arab countries totaled $20.1 billion by the end of 2020, while the investments from unspecified Arab countries in China amounted to $3.8 billion.
The fifth China-Arab States Expo is scheduled to take place between 19 and 22 August this year in Yinchuan, northwest China, under the title of deepening economic and trade cooperation and joint work on the Belt and Road Initiative.
The Belt and Road project - otherwise known as One Belt, One Road in China - is a global infrastructure development strategy adopted by Beijing in 2013 to invest in around 70 countries and international organisations around the world.