Türkiye’s exports to Saudi Arabia soared by as much as 300% in the first nine months of the year, according to a senior industry official, building on the two countries' efforts to normalize relations strained over the recent years.
Ahmet Güleç, the deputy head of the Turkish Exporters' Assembly (TIM), on Thursday said sales to Saudi Arabia exceeded $1.8 billion (TL 50 billion) from January through September.
Güleç’s remarks came during a Saudi Arabia-related business event in Istanbul, held in collaboration with the Trade Ministry and the Independent Industrialists and Businessmen’s Association (MÜSIAD).
The rebound follows a long, steep fall in shipments driven mainly by informal embargoes on Turkish goods after ties were ruptured following the murder of Saudi journalist Jamal Khashoggi in 2018 at the kingdom’s Istanbul consulate.
In a sign of mending ties, President Recep Tayyip Erdoğan visited Saudi Arabia in April 2022, and Saudi Crown Prince Mohammed bin Salman traveled to Türkiye in June last year.
In the second trip since the rapprochement, Erdoğan flew to Jeddah in mid-July as part of a three-country tour of the Gulf that also included Qatar and the United Arab Emirates (UAE).
The tour came after Erdoğan secured reelection in late May and builds on Ankara’s diplomatic efforts since 2021 to normalize strained ties with Saudi Arabia and the UAE.
Güleç emphasized on the significant role of both Türkiye and Saudi Arabia in their region and highlighted efforts to enhance bilateral trade relations under the principle of mutual benefit.
He acknowledged the challenges faced occasionally but emphasized on the strengthening ties.
“Our exports have witnessed a substantial upward trend, parallel to the development of political relations between our countries,” Güleç said.
The number of Turkish companies exporting to Saudi Arabia has also seen a significant increase, reaching 5,600 in the first nine months of this year compared to 3,560 in the entire year of 2022, he noted.
“There is a substantial untapped potential for further expanding the current trade volume of $6 billion between our countries, a potential that both sides are keen to exploit,” Güleç noted.
Also addressing the event, Gazi Mısırlı, vice president of MÜSIAD, announced their plans to host a new delegation from Saudi Arabia comprising 50 members in Istanbul soon.
He also said MÜSIAD would organize the 28th International Business Forum in Saudi Arabia in January next year, set to be attended by Trade Minister Ömer Bolat and Saudi Arabian Minister of Trade Macid bin Abdullah Al Kasabi.
Mısırlı expressed ambitions of bringing 1,000 Turkish business professionals to the event, with an equal number of participants expected from Saudi Arabia.
Naif Alrajhi, deputy head of the Riyadh Chamber of Commerce and Industry, regarded their visit as part of the ongoing efforts to strengthen commercial ties between the two nations.
“In line with our 2030 vision, aiming to restructure our economy and diversify our sources of national income, you are closely following our progress in development. The growth in our national economy and related prosperity levels have greatly benefited from the rise in both domestic and foreign investments,” said Alrajhi.
“We eagerly anticipate the strengthening of our partnership to enable Turkish companies capitalize on these opportunities.”
The event in Istanbul saw over 1,400 bilateral business meetings between more than 650 Turkish exporters and 55 Saudi companies.
