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Trade between Russia and Turkey to Reach $30 bln this Year

Tuesday 6 November 2018

MOSCOW (TASS) — The Russian-Turkish trade turnover will reach $30 bln in 2018, according to Turkish Ambassador to Russia Huseyin Dirioz, who delivered a speech at a meeting devoted to the end of his mission in Moscow.

“In the best years our trade turnover was about $30 billion, followed by a certain decline. This year we expect the trade turnover to reach this mark again. However, our leaders set a level of $100 bln, and we will strive for it”, he said. “The energy sphere plays an important role in this regard. Such mega-projects as the Turkish Stream and the construction of the Akkuyu Nuclear Power Plant play a major role”, the diplomat noted.

In 2017, the trade turnover between Russia and Turkey was $23.36 bln, up 37% compared to 2016 (the exports were up 33% and stood at $18.2 bln, and the imports were up 57.5% and reached $3.4 ). The structure of goods exports to Turkey has hardly changed. Agricultural products and raw materials (31.24%) occupied the highest share in the imports, more than the importing of cars, equipment and transport means (29.8%). According to the Federal Customs Service, in January-August 2018 the trade turnover was $17.3 bln. About 5.5 mln Russians will spend their holidays in Turkey in 2018, Russia’s Association of Tour Operators forecasted.

Turkey’s main export markets are the EU (44.5%), Iraq, USA, Switzerland, United Arab Emirates and Iran. Imports into Turkey come from the following key markets: the EU (38%), China, Russia, USA, South Korea and Iran.

Turkey is the EU’s 4th largest export market and 5th largest provider of imports. The EU is by far Turkey’s number one import and export partner. EU exports to Turkey are dominated by machinery and transport material, chemical products and manufactured goods. Turkey’s exports to the EU are mostly machinery and transport equipment, followed by manufactured goods.

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