Turkish Exports to Russia Grew 52% YoY

October 26, Ankara, Turkey -- Following the commencement of the Russia-Turkey Intergovernmental Commission on Trade and Economic Cooperation that took place last week, representatives of the Turkish Exporters Assembly (TiM), an association of Turkish companies that do business around the world, summarized statistics on Turkish exports to Russia for the first three quarters of 2017 and shared their expectations for the future of economic relations between countries.

The financial equivalent of all Turkish exports to Russia for January-September 2017 stands at $1,776,030,000, a 52.7% increase YoY compared to the first three quarters of 2016 ($1,163,089,000). There was strong growth in all top economic sectors, including fresh fruit and vegetables (174.6% increase YoY), chemical materials and products (40.6% increase), automotive industry (34.8%). Major growth was also demonstrated in the sectors of jewel (132.4%), leather (93.1%), defense and aviation (74.6%), and machines and accessories (61.5%). More detailed information is available in the datasheet attached.

Imports to Turkey from Russia also increased. The major share of Russian exports to Turkey consists of mineral resources, gas, oil and other mineral fuels, metals and metal goods.

“Back in 2013, the overall trade volume between Russia and Turkey stood at $32 bln. Unfortunately, due to certain events, we could not achieve such high figures in the following years and experienced considerable decreases in our export levels,” commented Mr. Mehmet Buyukeksi, Chairman of TiM. “Now, in the aftermath of the Russian-Turkey Intergovernmental Commission, I am happy to say that the situation is rapidly improving. In the first nine months of 2017 our exports significantly increased. We are optimistic and hope that our relations will fully recover and trade levels will exceed past levels.”

The Russia-Turkey Intergovernmental Commission on Trade and Economic Cooperation took place in Kazan on October 19-21. It was decided that the two sides will continue to consult on removing existing trade barriers between the two countries. At the commission, the decision about the possible start of supplies of 50,000 tonnes of tomatoes to Russia from November 1 was made.

Turkish Exporters Assembly (TIM) is a roof organization representing exporters in and outside Turkey. Established in 1993, TiM hosts various exporter organizations and is represented by the Chairman. The Board of Directors of TIM conducts studies related to the improvement of exports, prepares reports, and advises exporters.