SAUDI ARABIA has shipped 6,000 tons of shrimp to China a week, said National Aquaculture Group CEO Ahmed Al-Bala'a in what he considers a modest step toward diversifying the kingdom's exports.
The emerging trade represents more than a new source of shellfish for the world's most populous nation. Saudi Arabia is testing the waters in China for shrimp as it seeks to reduce its reliance on oil and develop new industries.
Saudi shrimp exports to China should exceed 30,000 tons by the end of the year, said Mr Al-Bala'a, whose company operates a sprawling network of shrimp farms on the Red Sea.
Shipments are likely to jump to 80,000 tons by 2020, generating more than SAR2 billion (US$533 million) in revenue, as a result of an agreement the two governments signed in November, reports the Saudi Press Agency.
Shrimp sales coincides with a surge in China-bound shipments of Saudi Arabia's main export. Saudi crude oil exports to China soared on December 3 to the highest daily level in 23 months..
China accounts for about 15 per cent of Saudi crude sales this year, according to Bloomberg NEF China consumes more shrimp than any other Asian country.
WORLD SHIPPING
The emerging trade represents more than a new source of shellfish for the world's most populous nation. Saudi Arabia is testing the waters in China for shrimp as it seeks to reduce its reliance on oil and develop new industries.
Saudi shrimp exports to China should exceed 30,000 tons by the end of the year, said Mr Al-Bala'a, whose company operates a sprawling network of shrimp farms on the Red Sea.
Shipments are likely to jump to 80,000 tons by 2020, generating more than SAR2 billion (US$533 million) in revenue, as a result of an agreement the two governments signed in November, reports the Saudi Press Agency.
Shrimp sales coincides with a surge in China-bound shipments of Saudi Arabia's main export. Saudi crude oil exports to China soared on December 3 to the highest daily level in 23 months..
China accounts for about 15 per cent of Saudi crude sales this year, according to Bloomberg NEF China consumes more shrimp than any other Asian country.
WORLD SHIPPING