Turkiye’s exports to Saudi Arabia exceeded $1 billion in the first half of the year, led by the carpet industry.
The economic and commercial relations between Turkiye 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), Turkiye’s exports to Saudi Arabia increased to $1 billion 113 million in the first half of the year. In the first half of last year, Turkiye realized foreign sales of $131 million 394 thousand to Saudi Arabia.
In the first half, Saudi Arabia was recorded as the 21st country to which Turkiye exports the most.
Saudi Arabia became the second country where Turkiye increased its exports the most in terms of value
In the first half of the year, the countries to which Turkiye exports the most were Germany with $9 billion 452 million, the USA with $6 billion 80 million, the United Kingdom with $5 billion 566 million, Italy with $5 billion 510 million and Spain with $4 billion 982 million.
In the first half, the country where Turkiye increased its exports the most in terms of value was recorded as the Russian Federation with $2 billion 280 million.
The Russian Federation was followed by Saudi Arabia with $982 million 170 thousand, Ukraine with $574 million 657 thousand, France with $574 million 423 thousand and the United Arab Emirates with $355 million 135 thousand.
In the first half, Turkiye exported $4 billion 854 million to the Russian Federation, $1 billion 416 million to Ukraine, $4 billion 966 million to France and $2 billion 29 million to the United Arab Emirates.
In the first half, the carpet industry made the most exports to Saudi Arabia with $154 million 528 thousand.
The carpet industry was followed by chemicals and products with $112 million 987 thousand, cereals, pulses, oil seeds and products with $109 million 845 thousand, ready-made clothing and apparel with $87 million 896 thousand, machinery and accessories with $86 million 855 thousand.
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.
Exports to the country increased by $105 million 61 thousand for cereals, pulses, oil seeds and their products, $83 million 537 thousand for ready-made clothing and apparel, $74 million 546 thousand for machinery and accessories, and $73 million 626 thousand for ferrous and non-ferrous metals.
Ferrous and non-ferrous metals sector exported $74 million 589 thousand to Saudi Arabia.
Exports to the country were $486 million 358 thousand from Istanbul, $166 million 239 thousand from Gaziantep, $70 million 792 thousand from Ankara, $60 million 627 thousand from Hatay and $44 million 597 thousand from Bursa.
Source: Trthaber / Prepared by Irem Yildiz