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Saudi-Turkish trade fall as Egypt’s exports increase to Kingdom

Saudi-Turkish Trade

Saudi-Turkish trade have decreased according to data from the Saudi statistics authority.

In December, imports from Turkey totaled SR50.6 million ($13.5 million), down 95% from SR1.02 billion a year earlier. This is the lowest figure since the Kingdom started to publish monthly data five years ago.

Meanwhile, according to the Saudi Arabian General Authority for Statistics, trade between Saudi Arabia and Egypt has been increasing.

Saudi-Turkish trade

Last December, data from the Saudi statistics authority showed, that Turkish businespeople have been subjected to an unofficial boycott.

The Turkish statistics agency posted a 78% drop in Turkish exports to Saudi Arabia in December 2020.

Turkish exports to Saudi dropped around 95% on an annual basis

Although some of the decline is caused by the coronavirus pandemic, both countries have different views on the role of their shared dominant religion, Islam, in politics.

Turkish President Recep Tayyip Erdogan champions Islam as a foundation for a popular political movement while Gulf monarchies fear it could erode their 1authority.

Relations soured further after the 2018 murder of Saudi government critic Jamal Khasshoggi at the kingdom’s consulate in Istanbul.

Exports in Saudi Arabia, the largest economy in the Arab world, rose 12% in the fourth quarter from the previous three months as global trade showed signs of rebound from the pandemic.

They were down 26% to 180.8 billion riyals from a year earlier.

Saudi-Egyptian trade

On the other hand, Egypt exported $2.07B to Saudi Arabia in 2019. The main products that Egypt exported to Saudi Arabia were Refined Petroleum ($331M), Hot-Rolled Iron ($150M), and Citrus($116M).

During the last 24 years the exports of Egypt to Saudi Arabia have increased at an annualized rate of 10.2%, from $203M in 1995 to $2.07B in 2019.

In 2019, Egypt did not exported services to Saudi Arabia.

Read more: Jobs decline in Saudi Arabia lowers Purchasing Managers’ Index

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