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Türkiye’s exports to UK surge 15% in first 2 months of 2024

Türkiye’s shipments to one of the largest destinations of its exports, the United Kingdom, rose approximately 15% in the first two months of the year when compared to the same period a year ago, data sourced by Anadolu Agency (AA) from Turkish Exporters Assembly (TIM) showed on Friday.

According to the general trade system data, evaluated by AA, in the January-February period, the country’s exports surged by 8.5% compared to the year earlier, reaching $41.1 billion.

The United Kingdom was the fourth country where Türkiye made the most exports in the first two months, totaling $1.95 billion, up 15.2% year-over-year. The share of this country in Türkiye’s overall exports was thus realized as 5.47%.

The top markets of Turkish exports in the relevant period were listed as Germany, the U.S., Italy and the U.K., respectively.

In this period, the sector that took the lion’s share in exports to Britain was the automotive industry with shipments worth $694.5 million, the data showed. The sector’s exports surged by 37.1%.

Moreover, most of the exports to the United Kingdom in this period were made from Istanbul with $693.5 million, followed by the neighboring provinces of Kocaeli, Bursa, Sakarya and western Izmir province.

‘Entry into 2024 quite promising’

TIM Chairperson Mustafa Gültepe, speaking to AA, said that the United Kingdom continued to be an important market for Turkish exports.

Reiterating that it stood at fourth place among Türkiye’s most important export partners last year, Gültepe said, “The increasing trend continues in 2024. Last year, we exported $12.43 billion to the United Kingdom.”

Recalling what he said was the best January-February period in general exports in history for the first two months of the year, he said: “Our entry into 2024 is also quite promising. In this period, a significant rise was experienced in our exports to the United Kingdom. Our export figures are close to reaching $2 billion, which corresponds to a 15% increase compared to the same period of the previous year.”

Turkish exports registered an all-time high of $255.8 billion last year, increasing 0.6% year-over-year while government targets this figure to extend further to $267 billion this year.

Furthermore, Gültepe also noted the high increase rate in exports to the U.K. showed that exporters grew in the respective market and gained competitive power.

Pointing out that more than 5,500 companies exported to the United Kingdom, he said, “This success is due to both the product quality and variety of our companies and the strengthening of commercial relations with the United Kingdom.”

“Sector-based, automotive, electricity-electronics and ready-to-wear sectors are leading in exports to the United Kingdom in the first two months of the year,” he noted.

“In this period, we recorded significant increases, especially in the automotive, steel and textile sectors,” he added.

Stating that the positive developments in the United Kingdom market continue to strengthen Türkiye’s position in international trade, Gültepe said: “The successes of our exporters are also a sign of future collaborations and growth opportunities. The continuation of this momentum and the deepening of commercial relations with the United Kingdom will play a critical role in increasing Türkiye’s competitive power in the global market.”

​​Türkiye and the United Kingdom inked a protocol for the Joint Economic and Trade Committee (JETCO) and a memorandum of understanding (MoU) aimed at fostering collaboration with third countries earlier this year.

In 2023, the bilateral trade volume between the two countries reached nearly $19 billion. Key exports from Türkiye to the U.K. include gold, textiles and ready-made clothing products, electrical and non-electrical machinery, motor vehicles and their parts, iron and steel products, insulated wires, cables, and other electrical conductors.

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