Turkey’s exports to the United Kingdom, one of its main markets, increased by almost 15% in the first two months of this year compared to the same time last year, according to statistics obtained by Anadolu Agency (AA) from Turkish Exporters Assembly (TIM) on Friday.
This was based on the general trade system data that AA analysed, the nation’s exports increased by 8.5% year over year to $41.1 billion in the January–February period. The fourth-largest export destination for Turkey in the first two months was the United Kingdom, with $1.95 billion in exports, up 15.2% year over year. As a result, this nation’s actual export percentage to Turkey was 5.47%.
Germany, the United States, Italy, and the United Kingdom were identified as the leading destinations for Turkish exports during the relevant period. According to the data, the automobile industry accounted for the majority of exports to Britain during this period, with shipments valued at $694.5 million. Exports from this industry increased by 37.1%.
Furthermore, Istanbul accounted for $693.5 million of all exports to the United Kingdom during this time, with the neighboring provinces of Kocaeli, Bursa, Sakarya, and western Izmir province coming in second and third, respectively.
A promising entry into 2024
Speaking to AA, TIM Chairperson Mustafa Gültepe stated that the UK remained a significant market for Turkish goods. He reiterated that it was ranked fourth among Turkey’s major export partners in the previous year and stated, “The trend of increasing exports will continue in 2024.” We sent $12.43 billion in exports to the UK last year.”
Recalling that the first two months of this year were the greatest January-February period in general exports history, he stated: “Our entry into 2024 is also quite promising.” We saw a notable increase in our shipments to the United Kingdom throughout this time. In comparison to the same period last year, our export figures are about $2 billion, a 15% rise.”
The government of Turkey hopes to see its exports reach $267 billion this year, having reached an all- time high of $255.8 billion last year, up 0.6% from the previous year. Additionally, Gültepe pointed out that the strong growth rate in exports to the United Kingdom demonstrated that exporters expanded within their individual markets and acquired a competitive edge.
Declaring that over 5,500 businesses exported to the UK, he added, “This success is due to both the product quality and variety of our companies and the strengthening of commercial relations with the United Kingdom.”
In the first two months of this year, the sectors with the highest exports to the United Kingdom are those that are sector-based, such as automotive, electricity-electronics, and ready-to-wear. We had notable growth during this time, particularly in the steel, textile, and automobile industries,” he continued.
Gültepe stated that Turkey’s standing in international commerce is being strengthened by the
favourable developments in the UK market and added, “Our exporters’ successes also portend future collaborations and growth opportunities.” Turkey’s competitiveness in the international market will be greatly boosted by maintaining this pace and strengthening its economic ties with the United Kingdom.”
Earlier this year, Turkey and the UK signed a memorandum of understanding (MoU) aimed at promoting cooperation with third countries as well as a protocol for the Joint Economic and Trade Committee (JETCO).
The value of bilateral trade between the two nations was close to $19 billion in 2023. Gold, textiles, ready-made clothes, motor vehicles and their parts, electrical and non-electrical machinery, iron and steel goods, insulated wires, cables, and other electrical conductors are among Turkey’s top exports to the United Kingdom.
Source: Daily Sabah
For more information on buying a Turkish property please click the link.
