Decreasing exports, imports impact Turkey's trade dynamics with Russia
(MENAFN) Recent data released by the Turkish Ministry of Commerce revealed significant shifts in Turkey's trade relationship with Russia during February. Exports from Turkey to Russia experienced a notable decline, dropping by 33 percent year-on-year to USD670 million, contrasting sharply with the USD1.1 billion recorded in February 2023. Similarly, Turkish imports from Russia also witnessed a substantial decrease, plummeting by 36.65 percent to USD1.3 billion compared to USD2 billion in the same period last year.
The decline in trade between the two nations has been attributed to various factors, including geopolitical tensions and external pressures. Reports from Reuters highlighted the impact of threats from the United States to impose sanctions on financial entities dealing with Russia, which have disrupted or slowed down certain payments related to oil imports and Turkish exports to Moscow.
Turkish Trade Minister Omer Polat addressed the press over the weekend, shedding light on the country's trade performance in February. Despite the challenges in the Turkish-Russian trade relationship, Polat announced a significant reduction in Turkey's trade deficit, which contracted by 42.3 percent year-on-year to USD7 billion.
Polat also provided insights into the broader trade dynamics of Turkey, noting a positive trend in exports and a decline in imports. Exports surged by 13.6 percent to reach USD21.09 billion in February, showcasing the resilience of Turkey's export sector. Meanwhile, imports experienced an 8.5 percent decrease, totaling USD28.09 billion for the month.
The pronounced shifts in Turkey's trade patterns underscore the intricate interplay of geopolitical factors and economic policies. As Turkey navigates these challenges, policymakers and stakeholders will continue to monitor developments in trade relations with Russia and other key trading partners, striving to maintain a balanced and sustainable trade environment.
MENAFN03032024000045015682ID1107927278
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.