Turkey Exports to Russia – 26% Surge Recorded in Jan-Feb 2020

26 June 2020

Turkey’s exports to Russia reached over $700 million in Jan-Feb 2020, a 26% surge as compared to same period last year. According to Turkey trade data, value of Turkish commodities exported to Russia was US$ 3.8 billion in 2019. Major commodities shipped from Turkey to Russia were fresh fruits & vegetables, machinery, vehicles and plastics. Analyze Turkish exports to Russia with trade statistics recorded in first two months of 2020 and all months of 2019.

Turkish Exports to Russia Surge 26% in January-February 2020

The value of exports from Turkey to Russia reached over $700 million in the first two months of 2020. According to latest Turkey export data, a 26% surge recorded in Turkish exports to Russia in Jan-Feb this year, as compared to the last year.

More than 500,000 tons of commodities from 27 industries were sold to Russia in January and February 2020, up from nearly 388,000 tons of products in the same period last year, a 30% increase.

According to the Eastern Black Sea Exporters Association (DKIB), those sales generated over $700 million in revenue, up 26% in year-on-year value from just over $555 million.

Top 10 Products Exported from Turkey to Russia in 2019

Turkish edible fruits and nuts are exported the most into Russia at 2-digit level HS Code. Export Genius market research report shows that maximum shipments of fresh or dried mandarins were departed from Turkey to Russian Federation in 2019.Take a look at a list of commodities with their values which were exported from Turkey to Russia in last year.

 

Turkey’s Exports to Russia in 2019 (Quarterly)

Turkish exports to Russia rose from US$ 860 million recorded in first quarter of 2019 to US$ 1,147.9 million in fourth quarter. See total values of commodities exported from Turkey to Russia in four quarters of 2019 through chart given below. 

 

Turkey’s Exports to Russia in Last 10 Years

The value of commodities supplied from Turkey to Russia recorded US$ 4.6 billion in 2010. Since then, it rose in 2011, 2012, 2013, and 2014. From 2015, the figures started declining drastically, but values again rose marginally till 2019. See chart below to have a better analysis of Turkish exports to Russia in last ten years.

 

Top 10 Export Partners of Turkey

Russia is the 10^th largest export partner of Turkey, which shared 2.3% value to total exports. According to Turkey export statistics, the country shipped goods worth US$ 3.8 billion to Russia in 2019. Look at values in US$ billion and percentage share of Turkey’s top 10 export partners.

 

Turkey rank 31 in global exports and Russia rank 22 in global imports. Both the countries are dependent on each other to boost their bilateral trade. Turkey’s orientation towards Russia at the political level, despite their conflicting interests, has increased Turkey’s economic dependence on Russia.