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Spiralling oil prices in 2015 reduce China trade value to Saudi, Iran
CHINA's total trade with Saudi Arabia decreased 25.2 per cent from January to November 2015, compared to the same period a year earlier, to US$47.66 billion, while that with Iran plummeted 34.6 per cent to $31.09 billion, according to China's Ministry of Commerce (MOC), spokesman Shen Danyang.
The dramatic decline was mainly attributed to shrinking import values, which were partly dragged down by slumping oil prices. China's exports to Saudi Arabia actually rose during the period by 6.4 per cent to $19.75 billion, but imports into China contracted by 38.2 per cent to $27.91 billion, reported Xinhua.
Imports from Iran dived 41.6 per cent to $14.91 billion. Mr Shen attributed the slump in trade with Iran to the slowdown of the global economy and the continuing weakness in crude oil prices.
Saudi Arabia is the top source of crude oil for China. In the first 11 months, China imported 46.09 million tonnes of crude oil from Saudi Arabia, representing a year-on-year increase of 2.08 per cent, and 15 per cent of the total imported globally. Iran contributed to eight per cent of total crude oil imports into China over this period.
The dramatic decline was mainly attributed to shrinking import values, which were partly dragged down by slumping oil prices. China's exports to Saudi Arabia actually rose during the period by 6.4 per cent to $19.75 billion, but imports into China contracted by 38.2 per cent to $27.91 billion, reported Xinhua.
Imports from Iran dived 41.6 per cent to $14.91 billion. Mr Shen attributed the slump in trade with Iran to the slowdown of the global economy and the continuing weakness in crude oil prices.
Saudi Arabia is the top source of crude oil for China. In the first 11 months, China imported 46.09 million tonnes of crude oil from Saudi Arabia, representing a year-on-year increase of 2.08 per cent, and 15 per cent of the total imported globally. Iran contributed to eight per cent of total crude oil imports into China over this period.
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