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4 Jun, 2023 06:47

Russian-Turkish trade booming – official data

The two countries aim to bring annual turnover to $100 billion
Russian-Turkish trade booming – official data

Trade between Moscow and Ankara has continued to grow, with the volume of goods exported by Russia amounting to $4.17 billion in April, official data shows.

According to the Turkish Institute of Statistics, Russia was Türkiye’s leading supplier, accounting for nearly 15% of the country’s total imports. It was followed by China, Germany, Italy, and the US, with the combined share of Turkish imports from these countries reaching 44% in April.

The report also shows that in the first four months of the year, Türkiye imported Russian goods worth $17.2 billion.

Moscow and Ankara have been aiming to deepen economic cooperation and expand bilateral trade. In April, Russian President Vladimir Putin and his Turkish counterpart, Recep Tayyip Erdogan, agreed to encourage mutual investments and help Russian and Turkish businesses enter each other’s markets.

According to Putin, the trade turnover between the two countries in 2022 exceeded $62 billion.

Last year, Türkiye and Russia signed a roadmap for economic cooperation that envisages bringing bilateral trade turnover to $100 billion a year. The two nations have also agreed to introduce the Russian ruble as a settlement currency in bilateral trade, including payment for Russian natural gas supplies.

Data shows that last summer, Türkiye became one of the top five exporters to Russia. In 2021, it ranked 11th ahead of the US, France, Japan, Poland, and Italy.

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