Trading Relationship Between Turkey and Saudi Arabia
1 year ago by Jack Evangelides

Trading Relationship Between Turkey and Saudi Arabia

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Over the last decade, the trading relationship between Saudi Arabia and Turkey has grown significantly. The exports to and fro between the countries highlight an economically strong relationship. Furthermore, their relationship is superseded by the fact that they have set up a team in order to strengthen bilateral ties and have undergone negotiations in order to increase trade volume. A fundamental quality that both countries shared is that they envisaged a future with increased trade and a desire for more lucrative business with one another.

Turkey`s Exports to Saudi Arabia & Imports from Saudi Arabia

  Booming Business It is evident from the graph above that in the last 10 years the trade relationship between Saudi Arabia and Turkey has drastically improved. An estimate of USD 3.6 billion is the apex of Turkey`s exports to Saudi Arabia and an estimate of USD 2.35 billion in imports. Both nations support trade between one another, which is evident from the visit of H.E. President Recep Tayyip ErdoÄŸan to Saudi Arabia in 2015. In an attempt to further deepen and diversify their bilateral relations, the two countries established strong communication and cooperation. This visit provided the foundations for future agreements which were apparent from H.M. King Salman bin Abdulaziz Al Saud`s visit to Turkey in 2016, where a Memorandum of Understanding (MoU) was agreed upon and, subsequently, signed. The MoU established a ‘Turkish-Saudi Coordination Council`, led by the Foreign Ministers of the countries. The formation of the aforementioned council constitutes a significant step towards institutionalising the multidimensional relationship between the two countries. Turkey and Saudi Arabia closely cooperate in multilateral platforms, such as: cooperation at the level of the Organisation of Islamic Cooperation (OIC) and the High Level Strategic Dialogue mechanism. The High Level Strategic Dialogue mechanism was established by Turkey with the Gulf Cooperation Council (GCC) in 2008.

Turkey`s Exports to Saudi Arabia & Imports from Saudi Arabia

These pie charts display the exports and imports between Turkey and Saudi Arabia. It is evident that the countries depend on one another for trade and, thus, maintaining a healthy relationship is of the utmost importance. Despite the current controversy surrounding the two countries over the ‘Khashoggi Affair`, both appear to be working together to resolve the issue. Whether it is possible to maintain the growing trade relationship remains to be seen. Cedar Rose – The Intelligent Business Solution Importing and exporting is subject to a multitude of external factors and can be risky business. It is important to know your supplier, it is important to know who exactly you are going into business with and whom you are selling to. Mitigating risks and controlling the environment of a business arrangement permits for a strong relationship. In order to keep the fluidity of importing and exporting it is possible to relieve pressure through certain checks. Cedar Rose offers impressive business credit reports to help your company assess who they should be exporting too. Business to business global exports can have an array of setbacks, unexpected disasters and problems that are too late to fix. So why go in blind? Through Cedar Rose`s award winning credit reports you may be able to sieve out any potential risks and mitigate any worries that may be lurking around the corner. Not only does Cedar Rose provide a multitude of quality and professional reports, but with factors such as monitoring and a CR score, our reports may be the overriding factor for creating a healthy business arrangement. Monitoring allows you to receive updates on your credit reports, so in the sudden case of changes to a business you are in contact with; you will be in the know. Stay two steps ahead of risks by opting for the monitoring service when you order a credit report from Cedar Rose. Additionally, the CR score accurately, with the help of AI technology, produces a risk score for individual companies. This stand-out factor helps you visualise how risky it would be to go into business with a chosen company. Our leading database for the MENA region holds the knowledge that can help mitigate risks. Exporting with the support of Cedar Rose can provide a strong and, importantly, considerably less risky business arrangement. And finally, if you need to know whether your clients are politically connected, globally sanctioned, or have a questionable local reputation, choose from our range of Due Diligence reports where our team of multilingual researchers will discreetly investigate and help you to trade securely within the Middle East, North Africa and beyond. For frequent news on the latest business topics and trends check out our newsroom. Written By Jack Evangelides, Marketing Intern Sourced Image: mumsema.or Sourced Data: Trading Economics Sourced Data: Trading Economics   *** The sole purpose of the article above is to generate public discussion, it has no intention to constitute legal advice. ***