Author(s): M. BüÅra ENGÄ°N ÃZTÃRK
This study aims to examine foreign trade and capital flows between Turkey and Middle East countries. This study differs from others by investigating Turkey’s foreign trade and capital flows with fourteen countries individually. Here, the foreign trade with Middle East was evaluated by years, sectors and products and the capital flows were explained with examples. According to the data obtained from Turkish Ministry of Economy and Central Bank; Qatar, UAE, Saudi Arabia, Kuwait, Bahrein, Israel and Qatar play a significant role in the foreign capital coming from Middle East to Turkey, while Iraq, Iran, UAE, Saudi Arabia and Israel are important in shaping foreign trade. While the hydrocarbon sector ranks first in Turkey’s import from Middle Eastern countries, iron-steel, gold and jewelry sector rank first in Turkey’s export. The trade between Middle East has revived since 2008, and despite some fluctuations tended to increase in general until 2014. In 2014, as a result of sharply falling oil prices, reduced domestic demands in countries that have oil-based economies led to imports to decline and it has been declining since then. It is expected that increasing bilateral foreign trade with the effects of free trade agreements after 2005 will revitalize after overcoming the economic problems mentioned.
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