Türkiye-UK Foreign Trade in Recent Years Increase and Potential

Turkey and the UK have historical and cultural ties dating back centuries. These ties continue to manifest themselves in the economic relations between the two countries today. In recent years, the foreign trade volume between Turkey and the UK has been increasing steadily, and this has been an important gain for the economies of both countries.

Recent Increase

In 2023, the foreign trade volume between Turkey and the UK exceeded 26.8 billion dollars, reaching a record level. This figure represents a 12.2% increase compared to 2022. This increase in recent years can be attributed to various factors such as the development of economic relations between the two countries, the signing of trade agreements, and the increase in investments.

IMPORT

Turkey imports various product groups from the UK, such as machinery and mechanical devices, electronic products, chemical products, and pharmaceuticals. In 2023, Turkey's imports from the UK amounted to 12.5 billion dollars. This figure also shows a 15.4% increase compared to 2022.

Important Import Product Groups

• Machinery and mechanical devices: Electric motors and generators, control and measurement instruments, agricultural machinery, and textile machinery are among the prominent products.

• Electronic products: Computers, phones, and other electronic devices are also among the products that Turkey imports in significant quantities from the UK.

• Chemical products and pharmaceuticals: Plastics, fertilizers, and pharmaceuticals are also important product groups that Turkey imports from the UK.

• Other import products: Iron and steel, textile products, food products, and furniture are also among the other important products that Turkey imports from the UK.

Import Sectors

• Automotive sector: The UK is an important supplier of automotive spare parts and accessories for Turkey.

• Aviation sector: Aircraft engines and other aviation equipment are also among the products that Turkey imports significantly from the UK.

• Health sector: Medical devices and pharmaceuticals are also important product groups that Turkey imports from the UK.

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EXPORT

Turkey exports various product groups to the UK, such as agricultural products, textiles and clothing, automotive and motor vehicles. In 2023, Turkey's exports to the UK amounted to 14.3 billion dollars. This figure also shows a 9.7% increase compared to 2022.

Important Export Product Groups

• Agricultural products: Fruits, vegetables, nuts, and olive oil are among the product groups that Turkey exports the most to the UK.

• Textiles and clothing: Ready-to-wear, apparel, and textile products are also among the products that Turkey exports significantly to the UK.

• Automotive and motor vehicles: Automotive spare parts, accessories, and commercial vehicles are also among the products that Turkey exports significantly to the UK.

• Other export products: Furniture, plastic products, iron and steel, and household appliances are also among the other important products that Turkey exports to the UK.

Export Sectors

Textile and ready-to-wear sector: Turkish textile and ready-to-wear products are highly sought after in the UK market.

Automotive sector: Automotive spare parts and accessories produced in Turkey are exported to the UK.

Furniture sector: Furniture produced in Turkey is also among the important product groups exported to the UK.

Other sectors: Plastic products, iron and steel, household appliances, machinery, and mechanical devices are also among the other important products that Turkey exports to the UK.

Impact of Brexit

The United Kingdom's withdrawal from the European Union (EU) in 2020 (Brexit) has also affected Turkey-UK trade. After Brexit, the UK signed a new trade agreement with the EU, which increased tariffs and other trade barriers for some products exported from Turkey.

Despite this, the trade volume between the two countries continues to increase. This shows the strong trade relations and mutual investments between Turkey and the UK.

Future Expectations

It is expected that foreign trade between Turkey and the UK will continue to increase in the coming years. The development of economic cooperation between the two countries and the signing of new trade agreements can further accelerate this increase.

Some factors that may contribute to the increase in the future are

• Economic growth: Economic growth in both countries will contribute to the increase in trade volume.

• Trade facilitation: Steps can be taken to facilitate trade between the two countries, such as simplifying customs procedures and relaxing visa requirements.

• Investments: Increasing investments in both countries will contribute to the increase in trade volume.

• New Trade Agreements: The signing of new trade agreements between the two countries will contribute to the increase in trade volume and the creation of new job opportunities.