Istanbul, Turkey – Turkey’s exports to Saudi Arabia have skyrocketed by an astonishing 630 percent in the first seven months of this year compared to the same period in 2022, the dailysabah reported on Thursday.
Data compiled by the Turkish Exporters Assembly (TIM) revealed that exports to the kingdom reached an impressive $1.25 billion (TL 33.79 billion), marking a significant rebound from the previous year’s figure of nearly $172 million, the publication said in its report.
This surge in trade comes after a period of strained relations between the two countries. The recent diplomatic efforts and high-level visits have paved the way for reconciliation.
In April 2022, Turkish President Recep Tayyip Erdoğan visited Saudi Arabia, and in June of the same year, Saudi Crown Prince Mohammed bin Salman reciprocated the gesture by visiting Turkey.
In another step towards normalization, President Erdoğan embarked on a tour of Gulf nations in the Middle East, including Saudi Arabia, Qatar, and the United Arab Emirates (UAE). This tour aimed to bolster diplomatic ties and explore further avenues of cooperation.
Saudi Arabia’s strategic move to invest in Turkey’s central bank with a $5 billion deposit earlier this year has contributed to stabilizing Turkey’s economy. Moreover, substantial agreements have been inked between the two nations, encompassing various sectors such as energy, defense, direct investment, and media.
One of the standout deals includes a significant defense and aviation contract between Saudi Arabia and Turkish magnate Baykar. While the precise value remains undisclosed, reports suggest the deal could be worth over $3 billion. Both nations have sealed a strategic pact to locally manufacture unmanned aerial vehicles in Saudi Arabia.
The trade surge has witnessed a diverse range of exports from Turkey to Saudi Arabia. Carpet sales have accounted for a substantial portion of exports, totaling over $173 million in the January-July period. Chemicals and related products follow closely with nearly $129.1 million, while cereals, pulses, oil seeds, and products have contributed $124.6 million to the surge. The machinery and parts sector has seen shipments rise to $98.1 million, and the ready-to-wear clothing and apparel segment has experienced a notable boost, with exports reaching almost $96 million.