In the first seven months of 2023, Türkiye has witnessed a remarkable surge in exports to Saudi Arabia, surpassing $1.2 billion. Despite an overall 0.5% decline in Türkiye’s total exports during this period, the bilateral trade relationship with Saudi Arabia has experienced an impressive 630% growth.
The improvement in commercial ties follows the normalization of relations between the two nations. During President Recep Tayyip Erdogan’s recent visit to Saudi Arabia, both countries solidified their partnership by signing five new memoranda of understanding (MoU) across various sectors, including defense, research and development, energy, media, and direct investments.
According to data compiled by Anadolu from the Turkish Exporters Assembly (TIM), Türkiye’s overall exports dipped slightly by 0.5%, totaling $143.4 billion in the seven months compared to the same period last year. In contrast, exports to Saudi Arabia saw a remarkable surge, reaching $1.25 billion.
The carpet sector emerged as the leading contributor to this surge, achieving the highest exports to Saudi Arabia, totaling $173.08 million. Following closely are the chemical and products sector with $129.09 million, cereals, pulses, oil seeds, and products with $124.6 million, machinery and parts with $98.1 million, and ready-to-wear clothing and apparel with $95 million.
