Turkish exports to Saudi Arabia hit bottom level

Turkey’s exports to Saudi Arabia have dropped to almost zero. The Saudi informal boycott slashed Turkish exports to around $75 million in the first three months of this year, down from $852 million in 2020.

Riyadh has not acknowledged ordering a boycott of Turkish goods, but business groups have called for a moratorium.

Turkish President Recep Tayyip Erdogan is seeking to repair relations with Saudi Arabia. A visit by Turkey's foreign minister to Saudi Arabia for talks next week is part of Ankara's efforts to overcome a rift in relations.

Five Turkish schools in the Saudi cities of Mecca and Medina were shut down at the end of last year despite efforts by Turkish authorities to intervene.

Turkey’s foreign trade deficit has risen by 180 percent within the past year following the prevention measures against COVID-19 that reduced export volume significantly, with a 17.8 percent decrease in exports.

In the meantime, the Turkish lira further weakened against the dollar on May 4, hitting the key psychological level of 7 — the weakest since the currency crisis in August 2018.

Years of political rivalry with U.S.-allied Arab states and military interventions in the region have shown Turkey's clout, but frayed its alliances in the Arab world, leaving it isolated in a region marred with conflicts and crises.