COMMERCIAL RELATIONS BETWEEN
TURKEY AND SAUDI ARABIA
May August 3, 1929, Turkey’s diplomatic relations with Saudi Arabia, signed “Muahedenet Muahedesi” (Friendship Agreement), the agreement was published in the Official Gazette dated May 31, 1930 and 1507 was established and entered into force. The agreement entered into force. The role of Turkey and Saudi Arabia, which have long-established relations, in the world economy and trade is gradually increasing. The economic and commercial breakthroughs realized in the two countries in recent years attract attention. In this context, the commercial relations between Turkey and Saudi Arabia are important both from a global and regional point of view. Dec.
Deciphering the foreign trade data between Turkey and Saudi Arabia, it is seen that the volume of foreign trade in the last 10-year period reached the level of $ 5.7 billion in 2015 and maintained its level above $ 5 billion until 2019. With the impact of the Covid-19 pandemic and the Deceleration of bilateral relations, a decrease in the volume of foreign trade between the two countries has been observed as of 2020.
Considering the data in 2019 as a base year, it is seen that the two countries carry out a significant level of trade with each other. in 2019, Turkey’s total exports to Saudi Arabia amounted to $ 3.3 billion. The share of Saudi Arabia in Turkey’s total exports in the relevant period is %.it is 1.8. In 2019, Saudi Arabia exported a total of approximately $ 2.0 billion to Turkey. Exports to Turkey account for 0.8% of Saudi Arabia’s total exports.
The product group with the highest exports from Turkey to Saudi Arabia in 2019 was Carpets with a value of $341 million and a share of 10.4%. Electrical Machinery and Devices were the second group with a share of $ 395 million and 6.6%, while Furniture was the third group with the highest exports with a share of $ 210 million and 6.4%. When the product groups that Saudi Arabia exported the most to Turkey in 2019 are examined, it is seen that Plastics ranked first with a share of $ 1.37 billion and 68.6%. Organic Chemicals ranked second with $ 381 million and a 19.0% share, while Mineral Fuels ranked third with $ 41 million and a 2.1% share.
Graphic: The Last 10 Years of Foreign Trade Between Turkey and Saudi Arabia
January September 2022 data covers the period.