Turkey-Saudi Arabia Economic and Trade Relations

Economic Outlook of Saudi Arabia (2016)

GDP (billion USD)

639,6

Inflation Rate (%)

4.4

Economic Growth (GDP %)

1,4

Unemployment Rate (%)

11.2

Population (million)

31,74

Export (billion $)

213

GDP per capita (USD)

56.366

Import (billion $)

160

Source: EIU, IMF

Main trade partners: UAE, US, China, Japan, Germany

Main export products: Raw oil, organic chemicals, plastics and articles thereof

Main import products: Passenger cars, electrical and electronic equipment, medicine

Bilateral Commercial and Economic Relations:

Turkey’s trade relations with SA

2012

2013

20 201 2014

2015

2016

Export

3.6

3.1

3.0

3.4

3.2

Import

4.4

4.1

3.8

2.1

1.8

Volume

8.0

7.3

6.9

5.5

5,0

Balance

-0.8

-1

-0.8

1.3

1.4

Source: TUIK (Billlion US Dollars)

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: 450.674 (2015); 476.561 (2016)

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. Numan Kurtulmuş is the co-chairman of the JEC.

Business Council: Turkish-Saudi Business Council was established on 11 th of October 2003, in Jeddah. The last meeting of the Council was held on 30 November 2016, in Istanbul.