Amidst the trade activity between two countries, Turkish export to Russia plunge 30.4% in January

Turkish Assembly of Exporters, Turkish exports to Russia experienced a notable decline of 30.4% in January 2024 compared to the same period the previous year.

According to the latest data released by the Turkish Assembly of Exporters, Turkish exports to Russia experienced a notable decline of 30.4% in January 2024 compared to the same period the previous year.

In January 2023, Turkish exports to Russia stood at $972.1 million, but this figure plummeted to $551.1 million in January 2024, highlighting a sharp decrease in trade activity between the two countries. The decline, as reported by state statistical data of Turkey, amounted to 39%, with exports dropping from $1.04 billion to $631 million.

The Turkish Assembly of Exporters showcased the sectors most affected by this downturn. Chemical exports saw a substantial decline of 41.1%, followed by a 20.4% decrease in fresh vegetables and fruits, and a 7.6% drop in the export of cars. These products constituted the primary commodities supplied to the Russian market from Turkey. Moreover, machinery exports experienced a significant decrease of 23.9%, while exports of electronics and electrical equipment saw a notable decline of 48.8%.

The decline in Turkish exports to Russia comes amidst various economic and geopolitical challenges facing both nations. Tensions between Russia and Turkey have been ongoing, influenced by various factors such as regional conflicts, changes in global trade dynamics, and geopolitical shifts.

While the exact reasons behind this decline in exports are not explicitly stated, a combination of factors has likely contributed to this downturn. Economic sanctions, geopolitical tensions, fluctuations in currency exchange rates, and changes in consumer demand patterns are among the potential reasons that could have impacted trade relations between Turkey and Russia.

The significant decline in exports to Russia raises concerns for Turkish exporters and the broader Turkish economy, as Russia has traditionally been an important trading partner for Turkey. The decrease in trade could have adverse effects on Turkish businesses, especially those heavily reliant on exports to the Russian market.

Efforts to revive and stabilize trade relations between Turkey and Russia may become a priority for both nations in the forthcoming months. Diplomatic dialogues and negotiations aimed at resolving outstanding issues and improving bilateral relations could potentially pave the way for increased trade cooperation and economic prosperity for both nations.