Skip to content Skip to Search
Skip navigation

Turkey’s trade with GCC soars 11-fold in two decades

Turkey’s exports to the GCC have soared from $1.2 billion to $9.5 billion in the past 20 years DP World
Tiurkey's manufacturing index stayed in negative territory for the sixth month running as market conditions remained challenging domestically and abroad

Turkey’s bilateral trade with the Gulf Cooperation Council (GCC) countries surged to $22.7 billion in 2022 from $2.1 billion in 2002.

“There is an 11-fold increase in our trade,” Daily Sabah newspaper reported, citing Turkey’s trade minister Ömer Bolat’s speech at the GCC-Turkey Economic Forum in Istanbul.

Bolat said that Turkey’s exports to the GCC countries soared from $1.2 billion to $9.5 billion, with imports at $13.3 billion, up from below $1 billion two decades ago.

The GCC comprises the UAE, Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia.

Trade volume with Arab countries is increasing, the minister said, with exports to Arab countries reaching $46 billion in 2022, while imports stood at $36 billion last year.

Bolat said Turkey’s economy grew by 5.5 percent last year and 11.4 percent the year before.

He said the country’s expected economic growth is estimated at four percent and above for 2023.

“Our national income, which was $808 billion in 2021, $906 billion in 2022, is expected to exceed $1 trillion at the end of the year,” Bolat said.

Latest articles

GACA president Abdulaziz Al-Duailej said licences would be announced soon for more low-cost flights from regional Saudi airports

More low-cost airline routes planned for Saudi Arabia

Plans to privatise domestic airports have been announced by Saudi Arabia as part of an aviation expansion strategy, which includes imminent licences for more low-cost airline routes, the kingdom’s civil aviation authority said this week.  The General Authority of Civil Aviation has signed an agreement with a consortium led by the Turkish airport operator TAV […]

Lesha Bank's total assets under management increased to QAR6.4 billion, an 11 percent increase year on year

Qatari Islamic bank buys Kazakhstan’s Bereke Bank

Lesha Bank, a sharia-compliant bank in Qatar, has acquired Bereke Bank from Kazakhstan government-backed Baiterek Holding for QAR532 million ($146 million). The Qatar Stock Exchange-listed company said in a statement that the transaction is, however, subject to regulatory approvals. Last month the bank reported an all-time high quarterly net profit of QAR28.8 million in the first quarter of […]

Abu Dhabi crown prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at the signing ceremony for the joint venture between Edge and Fincantieri

UAE-Italian venture wins $434m deal for naval vessels

A joint venture between UAE’s state-owned defence company Edge Group and Italy’s Fincantieri will build a shipbuilding facility for advanced naval vessels in Abu Dhabi. The new venture, Maestral, has secured a large order from the UAE Coast Guard Forces for 10 advanced 51-metre offshore patrol vessels (OPVs) worth €400 million ($434 million). Edge owns 51 […]

Dubai's total passenger traffic for Q1 2024 reached 23,052,060, an annual rise of 8.4 percent

Passenger traffic at UAE airports increases 15%

Passenger traffic at UAE airports rose 15 percent year on year to 36.5 million in the first three months of 2024, according to data released by the General Civil Aviation Authority (GCAA)  Arrivals reached 10.7 million, while departures stood at 10.9 million. The number of transit passengers was 14.9 million, the state-run Wam news agency […]