Skip to content Skip to Search
Skip navigation

Turkey’s exports to Saudi surge 600% as ties improve

By Pramod Kumar
Unsplash.com
The carpet sector emerged as a leading industry in Turkish exports to Saudi Arabia

Turkey’s exports to Saudi Arabia surged to nearly $800 million during January-April 2023 amid the ongoing normalisation of diplomatic ties between the two Arab nations.

Istanbul’s exports to Riyadh have grown over 600 percent in the first four months to $780.5 million, Daily Sabah newspaper reported, citing data by the Turkish Exporters Assembly (TIM).

Exports to Saudi Arabia stood at $107.4 million during the same period last year.

Saudi Arabia, accounting for a mere one percent of Turkey’s total exports during the period, was placed 22nd on the export list.

Germany secured the top spot with exports at $6.28 billion, followed by the US ($3.86 billion), Italy ($3.75 billion), the United Kingdom ($3.63 billion), Russia ($3.20 billion), and Iraq ($2.78 billion).

During the period, Turkey reported the highest increase in value terms for exports to Russia ($1.7 billion) and Saudi Arabia ($673.9 million).

They were followed by France ($418.8 million), Ukraine ($398.6 million) and the United Arab Emirates ($229.3 million).

The carpet sector emerged as a leading industry in Turkish exports to Saudi Arabia, totalling $109.4 million.

Other large sectors in terms of export value to Saudi Arabia were cereals, pulses, oilseeds, and related products, which accounted for $81.2 million.

The chemical industry and its products followed with $77.9 million, while ready-made clothing and apparel achieved $66.8 million. 

The electricity and electronics sector made a significant contribution, with exports totalling $56.6 million, the newspaper said.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]