The United Arab Emirates (UAE) was the market where Turkish exports increased their sales the most in August, according to official data, as improved diplomatic ties and strategic initiatives reflect on bilateral trade.
Shipments to the Gulf nation rose $415 million, or 117.7%, compared to the same period last year, reaching a total of $767.6 million, according to the Turkish Exporters Assembly (TIM) data.
The surge comes amid notable improvements in relations between the two countries, positively influencing bilateral trade.
Türkiye’s overall exports rose by 2.4% year-over-year, totaling $22.1 billion, marking the highest August sales ever.
The UAE was followed by Romania, where exporters lifted their sales by around $139 million compared to August 2023 to nearly $645 million, according to the data.
Exports to the United Kingdom and Slovenia rose by $126.3 million and $124 million to $1.1 billion and $224.9 million, respectively.
Exports to Palestine rocket
Sales to Palestine leaped by 1,156% year-over-year, or $117.8 million, to $128 million last month, the data showed.
The surge in exports to Palestine came as Türkiye suspended all bilateral trade with Israel until the Gaza conflict is resolved and aid can freely enter Gaza.
Exports to Palestine grew by more than 423% year-over-year between January and August to nearly $404 million, according to the TIM data.
The UAE emerged as the sixth-largest export market for Türkiye in August, following Germany, the United States, the U.K., Iraq and Italy.
Shipments to Germany amounted to nearly $1.5 billion, while sales to the U.S. and the U.K. were each valued at $1.1 billion, the data showed.
Iraq and Italy followed with $927.2 million and $802.5 million, respectively.
The jewelry sector led exports to the UAE, with sales totaling $521.9 million. Other significant sectors included chemicals and chemical products at $29.1 million, machinery and equipment at $25.9 million, electrical and electronics at $19.8 million, and ready-made clothing and apparel at $16.6 million.
Looking ahead, the Development Road Project, which involves Türkiye, Iraq, Qatar and the UAE, is anticipated to enhance exports to the region further.
The proposed $20 billion Development Road Project is designed to facilitate the transport of goods from the Gulf to Europe via the Grand Faw Port in Basra in southern Iraq. The port would be linked to Türkiye and subsequently to Europe through an extensive network of railways and highways.
The project is being touted as the “shortest route” connecting the Arabian Gulf to Europe. Upon completion, it is expected to shorten the trade route from the Arabian Gulf to Europe by 12 to 15 days, reducing both travel time and transportation costs.
