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FINANCIAL NEWS
China, GCC trade flourishes in 2014
21 Jul 2014
(MENAFN) The trade relationship between China and the Gulf Cooperation Council (GCC) has boosted to a level high in several sectors, not only in oil trade, according to Arab News.
Jordi Rof and Mahmoud Galal, both economists at Asiya Investment, an investment firm investing in emerging Asia, said in a report: “China is the world’s highest energy consumer, and continues to rely on GCC countries for a large chunk of its oil supplies. Interestingly, in 2014, in line with the deceleration in China’s imports growth, the share of imports from GCC countries is also narrowing.”
In its report, Asiya Investments says that the importance of the countries of the Gulf as energy suppliers to China has been shrinking throughout 2014.
Imports from the GCC, which are almost exclusively fuel, reached 39.5 percent of Chinese fuel imports by May 2014.
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