Skip to content Skip to Search
Skip navigation

Turkey’s exports to Gulf rise 29% to $1.69bn in May

By Pramod Kumar
Reuters/Darren Whiteside
The country’s total exports rose 14.4 percent annually to $21.7 billion in May

Turkey’s exports to Gulf countries grew by 29 percent year-on-year to $1.69 billion in May 2023.

The total exports rose 14.4 percent annually to $21.7 billion last month, Daily Sabah newspaper reported, citing data from the Turkish Exporters Assembly (TIM).

Exports to Iraq reached $817.9 million, followed by the UAE at $360 million and Saudi Arabia at $166.5 million. Exports to Qatar stood at $55.3 million, Kuwait ($46 million), Oman ($24.6 million) and Bahrain ($13.6 million).

Saudi Arabia reported the highest proportional export increase, with $27.1 million in carpet exports. The UAE recorded the highest jewellery imports of $108.3 million last month.

Qatar witnessed an increase in furniture, paper and forestry products valued at $7 million.

The Turkish central bank’s net forex reserves dropped to their lowest level on record, standing at $4.4 billion on May 26.

The bank’s net reserves dropped by $4.25 billion to their lowest level recorded since the data began being published in 2002.

The reserves have fallen nearly $32 billion since the end of 2022 and turned negative last month for the first time since the first five weeks of 2002.

Latest articles

Sharjah RAK gas Mahani field

Sharjah buys slice of concession in RAK in hope of gas

The state-owned Sharjah National Oil Corporation (Snoc) has acquired a 30 percent stake in a concession located onshore in Ras Al Khaimah from the Italian energy company Eni in the hunt for gas. Block 7, awarded to Eni in 2021, covers an area of 430 square km and is being actively explored, with drilling of […]

Clothing, Hardhat, Helmet A worker makes notes at a Saudi Arabian steel factory; the industrial production index fell from 114 points in March 2023 to 104 in March 2024

Industrial output falls in Saudi Arabia after oil cuts

Saudi Arabia’s industrial output index has fallen almost 9 percent over the past year, largely due to a policy of oil production cuts the government began in mid-2022. The industrial production index fell from around 114 points in March 2023 to 104 in March 2024, as mining and quarrying fell by 14 percent and manufacturing […]

Dubai Lifestyle City as it was meant to look. Two different developers failed to complete the project

Plots from failed Dubai Lifestyle City project up for auction

Plots of land from a never-completed AED2.4 billion ($650 million) development in Dubai, once endorsed by tennis star Maria Sharapova, have been put up for auction. The abandoned Dubai Lifestyle City project was announced in 2007 by developer ETA Star Projects, a division of the ETA-Ascon business group. It promised buyers “high style living” in […]

Waleed bin Ibrahim Al Ibrahim, CEO of MBC Group, which raised $222 million with its IPO

Saudi Arabia dominates Mena Q1 public listings

Saudi Arabia dominated public listings in the region in the first quarter of the year and maintains a “healthy pipeline” of IPOs for the remainder of 2024. Nine companies were brought to market in Saudi Arabia during the opening three months, according to the latest report from global consultants EY. The kingdom’s largest, and the […]