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Turkey-Saudi Arabia Economic and Trade Relations

Economic Outlook of Saudi Arabia (2015)

GDP (billion USD)

681

Inflation Rate (%)

2,2

Economic Growth (GDP %)

2,5

Unemployment Rate (%)

11,4

Population (million)

30,4

Export (billion $)

224

Population growth (%)

2,6

Import (billion $)

156

GDP per capita (USD)

55.408

Turkish firms in Saudi Arabia

200

Source: Economist Intelligence Unit

Main trade partners: US, China, S. Korea, India, Japan

Main export products: Mineral fuels and oils, organic chemicals, plastics and articles thereof

Main import products: Vehicles other than railway or tramway, machinery, boilers, electrical and electronic equipment

Bilateral Commercial and Economic Relations:

Turkey’s foreign trade with Saudi Arabia ( million $)

2011

2012

2013

2014

2015

Export

2.763

3.677

3.192

3.048

3.476

Import

3.454

4.414

4.177

3.862

2.117

Volume

6.217

8.090

7.369

6.909

5.593

Balance

-690

-737

-986

-814

1.358

Source: TUIK

Turkey’s exports to Saudi Arabia: Electrical machinery and equipment, carpets and mats, matting and tapestries, mineral fuels and oils

Turkey’s imports from Saudi Arabia: Plastic and articles thereof, organic chemicals, aluminum and articles thereof, mineral fuels and oils

Number of Saudi visitors: 341.786 (2014); 450.674 (2015)

Bilateral Cooperation Mechanisms:

Joint Economic Commission (JEC) Meeting: Last meeting of the JEC was held on the 5-6th of November 2013, in Ankara. Deputy Prime Minister Mr. Lütfi Elvan is the co-chairman of the JEC.

Land Transport Joint Commission Meeting: Last meeting of the Turkey-Saudi Arabian Land Transport Commission was held on 20th December 2011, in Ankara.

Business Council: Turkish-Saudi Business Council was established on 11th of October 2003, in Jeddah. The last meeting of the Council was held on 7-8th of December 2015, in Istanbul.