Turkey & The EU Do Business….
The relationship between Turkey & the EU has improved significantly over the past few years, and it’s now at the point where the country is the bloc’s sixth largest trading partner with over 23.6 bn euros worth of goods being exchanged. Imports from Turkey to the EU billed 11.6 bn during the first 2 months of 2020, whilst exports from the EU to Turkey billed 12 bn.
The impact of Covid-19 has and will of course take a hit on the trade, during the uncertain months, but the figures are certainly very encouraging for when things do start to return a degree of normality, and hopefully the figures continue to grow as the friendship between the two increases.
Compare these figures to the rest of the world, and you’ll see a 0.7% year on year increase for EU exports, which amassed a total of €337 bn during the same timeframe, whilst imports actually saw a fall of 1.6% to just over 316.8 bn.
Currently the USA tops the export list, and China tops the import list, whilst the UK, Russia, & Switzerland all also feature.
It will be an interesting few years to come, that’s for sure!