Turkey’s exports to Gulf rise 29% to $1.69bn in May

Turkey’s exports to Gulf countries grew by 29 percent year-on-year to $1.69 billion in May 2023.

The total exports rose 14.4 percent annually to $21.7 billion last month, Daily Sabah newspaper reported, citing data from the Turkish Exporters Assembly (TIM).

Exports to Iraq reached $817.9 million, followed by the UAE at $360 million and Saudi Arabia at $166.5 million. Exports to Qatar stood at $55.3 million, Kuwait ($46 million), Oman ($24.6 million) and Bahrain ($13.6 million).

Saudi Arabia reported the highest proportional export increase, with $27.1 million in carpet exports. The UAE recorded the highest jewellery imports of $108.3 million last month.

Qatar witnessed an increase in furniture, paper and forestry products valued at $7 million.

The Turkish central bank’s net forex reserves dropped to their lowest level on record, standing at $4.4 billion on May 26.

The bank’s net reserves dropped by $4.25 billion to their lowest level recorded since the data began being published in 2002.

The reserves have fallen nearly $32 billion since the end of 2022 and turned negative last month for the first time since the first five weeks of 2002.