Türkiye’s exporters are feeling the strain from the fallout in the Middle East, with shipments to Gulf countries on the decline.
Between March 1 and March 29, Türkiye’s exports to the Gulf nations fell by 36.5 percent year‑on‑year, according to the Turkish Trade Minister.
Speaking at an event in Istanbul on March 31, Ömer Bolat stated, “Our monthly exports [to the Gulf countries] declined to $1.2 billion. Imports from the region, however, rose by 3 percent to $1.6 billion, partly due to the increase in energy prices.”
The main contributors to the drop in our exports are the United Arab Emirates (UAE), Iraq, Iran, and Saudi Arabia, he noted.
Bolat emphasized that Türkiye’s exports to Gulf countries last year approached $31 billion, while imports stood at $25.5 billion.
“Some 44.3 percent of our exports to these countries were carried out by road, whereas in imports, maritime transport ranked first with a 40 percent share,” the minister said.
He also announced that, due to the closure of the Strait of Hormuz, Türkiye had engaged in intensive discussions with the Saudi government, resulting in 15‑day transit visas for all truck drivers. “This will make it possible to reach all Gulf countries within three to four days. It will also give us a major advantage in importing fertilizers from the Gulf, particularly from Qatar,” Bolat said.
Recalling that a new transit trade arrangement with Syria had recently begun, the minister remarked: “This allows our trucks departing from Türkiye to reach Syria, Jordan, Saudi Arabia, and all other Gulf countries in a short time.”
“This will accelerate our mutual trade with the region both in exports and imports. Once the war ends, we will all see that Türkiye will rapidly emerge as the most reliable country in terms of supply and logistics security in this region,” said Bolat.
Meanwhile, in a report, the Türkiye Exporters’ Assembly (TİM) warned that if Brent crude oil hovers around $100, Türkiye’s foreign trade deficit could reach $134 billion. Should the war continue under current conditions, the loss in Türkiye’s exports to Gulf countries may amount to as much as $5 billion annually, said the report.
According to the report, if Brent crude remains near $100, Türkiye’s exports are projected to rise by $22 billion to $295.5 billion, while imports are expected to reach $431 billion.
The report also noted that if the regional conflicts intensify over several weeks and concerns grow that the Central Bank’s foreign exchange liquidity to support the Turkish Lira may diminish, existing pressures on the economy could increase further.
