Exports to Saudi Arabia Increase 30-Fold

Turkchem 09 Mar 2023 83 2 dk okuma

TURKCHEM

Exports to Saudi Arabia Surge 30-fold Turkey's exports to Saudi Arabia in the January-February period surged more than 30-fold to reach USD 367 million 363 thousand. Steps taken to re-establish commercial relations between the two countries and rapidly increase export volumes are yielding results. Due to restrictions applied to Turkish products, Turkey's exports to Saudi Arabia had declined significantly. Following efforts undertaken, relations have begun to normalize. Trade fairs organized in this context have facilitated the development of commercial ties between the two countries. One of the most important pieces of evidence is the Saudi Development Fund's USD 5 billion deposit agreement with Turkey's Central Bank (TCMB) this month. Within the scope of increased economic and financial cooperation in recent times, the Saudi Development Fund's decision to deposit USD 5 billion with the TCMB has emerged as a positive outcome of the Saudi Arabian administration's confidence in the Turkish economy and our joint efforts. According to data compiled from Turkey Exporters Assembly (TİM) records, Turkey's exports to Saudi Arabia in the January-February period increased 32-fold compared to the same period of the previous year, rising from USD 11 million 209 thousand to USD 367 million 363 thousand. In the first two months of the year, Turkey's leading export destinations were Germany with USD 3 billion 105 million, the United States with USD 1 billion 896 million, Italy with USD 1 billion 775 million, the United Kingdom with USD 1 billion 697 million, and the Russian Federation with USD 1 billion 572 million. Saudi Arabia ranked as Turkey's 22nd largest export destination during this period.

Saudi Arabia ranks second in export growth

During this period, the two countries that increased Turkey's exports most significantly by value were the Russian Federation with USD 762 million 167 thousand and Saudi Arabia with USD 356 million 153 thousand. These countries were followed in export growth by France with USD 208 million 441 thousand, Switzerland with USD 123 million 773 thousand, and Kazakhstan with USD 105 million 4 thousand. Meanwhile, Turkey exported USD 1 billion 532 million to France, USD 286 million 811 thousand to Switzerland, and USD 250 million 396 thousand to Kazakhstan.

Carpet sector leads

The carpet sector generated the highest exports to Saudi Arabia at USD 40 million 691 thousand. The country received cereals, legumes, oilseeds and their products totaling USD 40 million 432 thousand, chemicals and chemical products USD 36 million 817 thousand, ready-made clothing and apparel USD 31 million 130 thousand, and machinery and components USD 23 million 992 thousand. The sectors showing the least demand in Saudi Arabia were ship and yacht services with USD 33 thousand, ornamental plants and products with USD 164 thousand, other industrial products with USD 176 thousand, hazelnuts and products with USD 1 million 34 thousand, and fish products and animal products with USD 2 million 259 thousand. By province, the highest exports to the country came from Istanbul with USD 153 million 454 thousand, Gaziantep with USD 46 million 369 thousand, Ankara with USD 30 million 620 thousand, Hatay with USD 20 million 785 thousand, and Bursa with USD 14 million 404 thousand.