Turkmenistan's trade with the Persian Gulf countries reached $2 bln

Mutual trade between the Gulf States and Central Asia in 2024 amounted to $3.3 billion, which is 4.2 times higher than in 2020. Turkmenistan has become the largest trading partner of the Gulf countries in the region with a turnover of $2 billion. Arzuw.news reports with reference to the Eurasian Development Bank.

Turkmenistan provides 61% of the total trade turnover between the regions, demonstrating the highest growth rate of trade - 9.9 times compared to 2020. Uzbekistan is in second place with $740 million (23% of total turnover), with Kazakhstan in third place with $302 million (9%).

The United Arab Emirates is the absolute leader among the Gulf states, accounting for 97% of all trade with the Central Asian region. The group of Gulf States includes Bahrain, Kuwait, Qatar, UAE, Oman, Qatar, and Saudi Arabia.

The structure of trade relations shows that 80% of mutual trade turnover consists of imports of Central Asian countries' goods from the Gulf States. For Turkmenistan, trade with these countries accounts for about 10% of foreign trade turnover, which is the highest indicator among the countries of the region.

Experts estimate the unrealized trade potential at $4.9 billion, which is 150% more than the current turnover. Potential Gulf exports could amount to $4.4 billion due to automobiles, electronics and jewelry, while Central Asian exports could amount to $0.5 billion due to precious and non-ferrous metals and agricultural products.