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TRADE RELATIONS WITH SAUDI ARABIA STAND IN BALANCE…

Press release…

Turkey’s exports to Saudi Arabia rose over 50 percent in May, 30 percent in June and 21 percent in July.

In the eleventh leg of the webinar series “The course of the coronavirus in our target markets” organized by the Aegean Exporters’ Associations, Jeddah Trade Attaché Hıfzı Oğuz Korkmaz made a presentation on the developments in Saudi Arabia’s foreign trade after the pandemic and answered the questions of exporters.

Jak Eskinazi, the Aegean Exporters’ Associations Coordinator Chairman, said that Saudi Arabia is one of the largest economies in the world and imported many products it uses.

Eskinazi continued as follows, “This country is one of the most strategic markets of Turkey in the Middle East and Gulf countries. Saudi Arabia gets a 2 percent share from our total exports. It is the 15th country to which we export the most. We have a balanced trade volume of over 6 billion dollars with exports of 3.3 billion dollars and imports of 3 billion dollars. There are cooperation opportunities between our countries in many fields. The sectoral distribution of our exports is 80 percent industry and 20 percent food. Our exports increased in 8 out of 27 items in the January-July period. Items that increased in the first 7 months; cereals, pulses and oil seeds, iron and non-ferrous metals, mining products, air conditioning industry, tobacco, fruit and vegetable products, olive and olive oil, nuts and products.”

“With the effect of coronavirus, there is a decrease in oil prices, the main source of income, which makes up 70 percent of the country’s budget,” Eskinazi said.

“Besides, along with this case, it is beneficial for exporters to take precautions to prevent political events from spreading to bilateral trade. Although our relations with Saudi Arabia were not very good in 2019, it became the country where we increased our exports the most among the 20 countries we export the most,” Eskinazi added.

“With the pandemic, the perception of protecting domestic production is at the forefront in all countries. Therefore, customs increases are applied. Our exporters should take positions accordingly and be prepared for any scenario,” Eskinazi concluded…

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About İsmail Uğural

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