Trade between Türkiye and the Gulf countries is growing rapidly

Between 2020 and 2024, Türkiye's exports to Saudi Arabia, Bahrain, Qatar, Iraq, Kuwait, the United Arab Emirates (UAE), Iran and Oman totaled 126.7 billion dollars. Recent mutual visits and economic agreements have been one of the cornerstones of this growth.

Iraq is the Leader in Exports

According to data from the Turkish Statistical Institute (TurkStat), the largest trade volume among the Gulf countries was realized with Iraq. In the 2020-2024 period, Türkiye's exports to Iraq reached 59.8 billion dollars. In the same period, a remarkable increase was observed in exports to the UAE. The export figure, which was 2.8 billion dollars in 2020, tripled to 8.3 billion dollars by 2024. Iran and Saudi Arabia were also among Turkey's major trade partners in the region.

Imports Followed a Fluctuating Course
Imports from the Gulf countries to Türkiye have fluctuated over the last five years. However, in total, Türkiye's import volume from these countries in the 2020-2024 period was recorded as 83.4 billion dollars. Energy and petrochemical products stood out in this process.

Foreign Trade Surplus Breaks Record

The foreign trade balance between Türkiye and the Gulf countries has changed significantly in favor of Türkiye. While in 2020,Türkiye had a foreign trade surplus of $1.5 billion with these countries, by 2024 this figure had increased 9.6 times to $14 billion. One of the main reasons for this increase was the rapid rise in exports to the UAE.

Future Vision in Trade Relations

Türkiye-Gulf trade relations, which have developed rapidly in recent years, are poised to grow even stronger in the future. While the economic and diplomatic agreements between the two sides bring new investment opportunities, the trade volume is expected to grow further. Cooperation especially in the fields of energy, construction, logistics and technology will increase Turkey's active role in the region.

In light of these developments, Türkiye's trade with the Gulf countries is expected to deepen and strategic partnerships are expected to strengthen. In the coming years, export figures are expected to rise even higher and economic relations are expected to be based on more solid foundations.