The economic and commercial relations between Turkey and Saudi Arabia continue to increase day by day. In addition to the normalization of relations, the fact that the two countries are in a very strategic position at the crossroads of Europe, Asia and Africa also contributes to the trade between them. This situation enables Turkish exporters to become a reliable business partner of Saudi Arabia in many products and sectors.
Offering great opportunities for the Turkish contracting sector, Saudi Arabia’s many projects, especially Noam, Diriyah Gate, Qiddiya, Amalla and Red Sea, which are among the 2030 Vision Projects, provide significant opportunities.
A memorandum of understanding was recently signed between the Central Registry Agency (MKK) and the Saudi Arabian Central Depository Agency (Edaa) to share experience, encourage collaborations and support the integration of innovative practices in securities and investor services. Among the areas where cooperation is planned, there are emerging technology applications such as electronic voting, data services and blockchain, as well as central custody services.
According to the information compiled from the data of the Turkish Exporters Assembly (TIM), Turkey’s exports to Saudi Arabia increased to 1 billion 113 million dollars in the first half of the year. In the first half of last year, Turkey realized foreign sales of 131 million 394 thousand dollars to Saudi Arabia.
In the first half, Saudi Arabia was recorded as the 21st country to which Turkey exports the most.
Saudi Arabia became the second country where Turkey increased its exports the most in terms of value.
In the first half of the year, the countries to which Turkey exports the most were Germany with 9 billion 452 million dollars, the USA with 6 billion 80 million dollars, the United Kingdom with 5 billion 566 million dollars, Italy with 5 billion 510 million dollars and Spain with 4 billion 982 million dollars.
In the first half, the country where Turkey increased its exports the most in terms of value was recorded as the Russian Federation with 2 billion 280 million dollars.
The Russian Federation was followed by Saudi Arabia with 982 million 170 thousand dollars, Ukraine with 574 million 657 thousand dollars, France with 574 million 423 thousand dollars and the United Arab Emirates with 355 million 135 thousand dollars.
In the first half, Turkey exported 4 billion 854 million dollars to the Russian Federation, 1 billion 416 million dollars to Ukraine, 4 billion 966 million dollars to France and 2 billion 29 million dollars to the United Arab Emirates.
In the first half, the carpet industry made the most exports to Saudi Arabia with 154 million 528 thousand dollars.
The carpet industry was followed by chemicals and products with 112 million 987 thousand dollars, cereals, pulses, oil seeds and products with 109 million 845 thousand dollars, ready-made clothing and apparel with 87 million 896 thousand dollars, machinery and accessories with 86 million 855 thousand dollars.
Carpet industry came to the fore in export increase
The highest increase in exports to Saudi Arabia on the basis of value was in the carpet sector with 154 million 428 thousand dollars.
Exports to the country increased by 105 million 61 thousand dollars for cereals, pulses, oil seeds and their products, 83 million 537 thousand dollars for ready-made clothing and apparel, 74 million 546 thousand dollars for machinery and accessories, and 73 million 626 thousand dollars for ferrous and non-ferrous metals.
Ferrous and non-ferrous metals sector exported 74 million 589 thousand dollars to Saudi Arabia.
Exports to the country were 486 million 358 thousand dollars from Istanbul, 166 million 239 thousand dollars from Gaziantep, 70 million 792 thousand dollars from Ankara, 60 million 627 thousand dollars from Hatay and 44 million 597 thousand dollars from Bursa.