Turkey-Saudi Arabia Economic and Trade Relations

Economy of Saudi Arabia (2017)

GDP (billion USD)

683,8

Inflation rate (%)

-0,23

GDP growth rate (%)

-0,7

Unemployment rate (%)

6

Population (million)

32,9

Export (fob-billion $ )

221

GDP per capita (USD)

20,760

Import (cif-billion $ )

130,1

Main import partners: People’s Republic of China, USA, United Arab Emirates, Germany, Japan, India, South Korea

Main export partners: United Arab Emirates, People’s Republic of China, Singapore, India, Kuwait, Turkey

Main import items: Crude oil, organic chemicals, plastic and plastic products

Main export items: Passenger vehicles, electrical and electronic equipment, medicine, poultry

Bilateral Trade and Economic Relations (billion USD):

2015

2016

2017

2018

Export

3,47

3,17

2,74

2,64

Import

2,12

1,84

2,11

2,32

Volume

5,59

5,01

4,85

4,96

Balance

1,35

1,33

0,63

0,32

Source: TurkStat

Declining bilateral trade since 2015 slightly increased in 2018.

According to the data provided by the Saudi Arabia General Investment Administration (SAGIA), Turkey's investment in Saudi Arabia is worth of approximately 660 million USD, with more than 200 Turkish companies operating in this country. Saudi Arabia ranks second among the Gulf countries (after Qatar) and seventh worldwide in terms of the number of projects carried out by Turkish contractors. In this context, Turkish contracting companies have undertaken more than 100 projects in Saudi Arabia so far.

The value of Saudi investments in Turkey is estimated to be around USD 2 billion. In 2017, Saudi citizens purchased 3.545 properties in Turkey.

Turkey’s main export items to Saudi Arabia: Carpet, refined oil products, electrical panels, construction iron, furniture

Turkey’s main import items from Saudi Arabia: Oil and chemical products

Number of Saudi Arabian tourists visiting Turkey : 450.674 (2015); 476.561 (2016), 651.170 (2017), 747.233 (2018)

Bilateral Cooperation Mechanisms:

Joint Economic Commission (JEC) Meeting: The 11th meeting of the JEC was convened on 4-6 November 2013 in Ankara. Murat Kurum, the Minister of Environment and Urbanization, is the current Turkish co-chair of the JEC.

Turkish-Saudi Business Council: The Turkish-Saudi Business Council was established on 11 October 2003 in Jeddah and the last meeting of the Council was held on 30 November 2016 in Istanbul. Additionally, Turkish-Saudi Arabia Business Council Executive Committee Members visited Riyadh on 25 February 2018.