Türkiye's exports to Saudi Arabia exceed $1.2B

Türkiye's foreign sales to Saudi Arabia exceeded $1.2 billion in the January-July period of 2023, Azernews reports, citing Anadolu Agency.

With the normalization of relations with Saudi Arabia, commercial activities between the two countries continue to improve.

During President Recep Tayyip Erdogan's visit to Saudi Arabia last month, five new memoranda of understanding (MoU) were signed between Turkish and Saudi Arabian delegations.

Agreements in defense, research and development, energy, media, and direct investments were signed during the visit.

Turkish drone-maker Baykar also signed an export agreement with Saudi Arabia for Akinci unmanned combat aerial vehicle.

According to the information compiled by Anadolu from the Turkish Exporters Assembly (TIM) data, Türkiye's exports decreased by 0.5% in the seven months of the year compared to the same period last year to $143.4 billion.

Meanwhile, Türkiye's exports to Saudi Arabia increased by 630% to $1.25 billion.

The carpet sector realized the highest exports to Saudi Arabia with $173.08 million.

It was followed by chemicals and products with $129.09 million, cereals, pulses, oil seeds and products with $124.6 million, machinery and parts with $98.1 million, ready-to-wear clothing and apparel with $95 million.