Turkey's exports to Russia dropped to 34% in Feb 2024

 

Turkey's exports to Russia dropped to 34% in Feb 2024

Turkey and Russia are important trading partners. The bilateral relationship has further increased during the ongoing Russia-Ukraine war. Turkey has faced harsh criticism from the west over increasing imports and exports from Russia. Amid this pressure, Turkey's trade with Russia slowed down last month.

According to Turkey import export data reports, exports to Russia have declined by 34% during February 2024. Turkey has exported over $668 million worth of goods to Russia during February 2024. There was a decline of $1.1 billion in 2023. These include wood fuel, hydraulic motor, lamps, lightings, sunflower seeds, bars, rods, loaders, backhoe, tomato, lemons, etc.


Petrol Ofisi Anonim Irketi, Vestel Ticaret Anonim Irketi and AR Elik Anonim Irketi were the leading Turkish export companies with the highest number of shipments to Russia. Beko, Kassbohrer, and IHP appliances were the leading import companies from Russia. In January 2024, Russia imported around $555 million worth of goods from Turkey. Compared to $1 billion imports from Turkey during the same period in 2023, there was a rapid decline in the Russian imports from Turkey.


On the other hand, there was a 36% decline in Turkey's imports from Russia. According to Turkey import data, Turkey has imported over $1.3 billion worth of goods from Russia. There was a magnificent amount of decrease in Turkish imports from Russia as compared to $2 billion in 2023. 


Turkey’s major imports from Russia include refined petroleum, coal, natural gas, wheat, seed oils, aluminium, copper, iron, gold, silver, etc. Among the top import companies from Turkey were Turkey Petroleum Refineri, Bosphorus Gaz Corporation and Opet Petrolc Da. Whereas, top Russian exports to Turkey were Gazprom, Tejarinaft and Kru Overseas.


In terms of overall exports to Russia in 2023, there was an increase of 18%. Turkey export data shows that over $11 billion worth of Turkish exports to Russia were made during last year. The key Russian imports from Turkey were automotive parts, heat engines, citrus fruits, olive oil, fabrics, refined petroleum, frozen fish, pitted fruits, etc.


On the other hand, Russia’s exports to Turkey saw 18% increase in 2023. According to Russia import data, goods from Turkey were valued around $45 billion during last year. Russia’s top imports from Turkey include sunflower seeds, poppy seeds, polymer adhesives, inverters, refined petroleum, tropical fruits, etc.


Nord, Voronezh-Agro, and Maizadur Semans Kuban were the top Russian importing companies from Turkey. Among the Turkish export companies to Russia were May Agro Tohumculuk, Aybaklar Talim  Urunleri and Lion Adhesives responsible for the maximum number of shipments last year.


Although Turkey is under harsh scrutiny by the United States over rising imports and exports from Russia, Turkish companies can still minimize the risk through global import export data provider. An accurate and insightful global trade intelligence report, companies can analyze market demand, risk, uncertainty, competition and potential customers. 


It will help companies to mitigate financial risk and increase your ROI. Trade Intelligence reports give companies a more diversified view of industry wise imports and exports. It helps companies to identify the most profitable goods to begin with, product pricing, quantity evaluation and attaining potential leads.

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