Positive Trends in Russia-Turkey Bilateral Cooperation: Turkey Automotive Exports to Russia Increased by 38 Percent in 2017
According to year-end results 2017, Russia-Turkey external economic relations are on a fast track after the downturn of 2016. Trade volumes between the countries in automotive industry demonstrate a sizeable growth in exports and imports as well.
January 26, Istanbul – According to the annual survey of Turkish Exporters Assembly, last year Turkey export volumes in automotive sector to the Russian Federation increased by 38.4 percent in comparison to 2016. In particular, last year Turkey supplied vehicles estimated at 328 million USD whereas the equivalent figure for 2016 amounted to 237 million USD.
To the main product groups exported to Russia belong buses, midibuses and microbuses as well as automotive components. At that, last year the exported volumes of such categories as motor vehicles for the transport of goods and road tractors for semi-trailers substantially decreased versus 2016, by 84 and 95 percent accordingly.
Russian import volumes of automotive products to Turkey show significant growth trend as well. Last year these figures increased by 90 percent in comparison to 2016. According to the data of Turkish Statistical Institute, in 2017 Russia imported automotive industry products estimated at 8.5 million USD. In 2016 similar figure equaled to 4.5 million USD. At that, last year Russia’s import volumes demonstrated the highest numbers over the period of previous five years since 2012, rising from 4.2 million USD up to 8.5 million USD.
“Trade relations between Russia and Turkey are intensively developing after the downturn of 2016. We are glad to witness positive dynamics in this field and are actively supporting and boosting trading between our countries”, – Chairman of Turkish Exporters Assembly Mehmet Büyükekşi noted.
Meanwhile, Turkey’s total exports to Russia has increased by almost 50 in December, 2017, compared to the similar last year’s period.