Saudi Foreign Minister Prince Faisal bin Farhan Al Saud made the nation’s statement on Aug. 24, upon receiving its invitation from the BRICS. The minister expressed Saudi Arabia’s respect for the BRICS and appreciation for the invitation, on which Saudi Arabia will decide by the end of 2023. The Foreign Minister noted in the course of his statement that total bilateral trade between Riyadh and BRICS countries exceeded $160 billion in 2022. This makes an interesting comparison with U.S.-Saudi trade in that year, which totaled $25 billion.
Prince Faisal also said, according to Zero Hedge of Aug. 24: “the special, strategic relations with the BRICS nations promotes common principles, most importantly the firm belief in the principle of respect for sovereignty, independence and non-interference in internal affairs.” He vowed in words before the BRICS conference on Aug. 24 that the kingdom will be a “secure and reliable energy provider,” and noted that total bilateral trade between Riyadh and BRICS countries exceeded $160 billion in 2022, the Saudi foreign minister said.
China and other Asian nations right now see their trade with Europe—especially with Germany and the northern European nations—falling sharply due to European economic contraction, while with the United States, whole sections of trade are being shut off at the American end. Whereas two years ago, container ships from Asia piled up at U.S. West Coast ports with huge pandemic backlogs of ordered goods, now the Singapore Strait is filled with stalled container vessels out of the South China Sea, whose cargos, above all to Europe, are being “blanked,” or cancelled.
U.S. consumer goods imports dropped by 17% in the second quarter of 2023, compared to the previous year. Imports from U.S. “allies”—Taiwan, South Korea—fell along with those from China. U.S. manufacturing and industrial production also fell.
