Türkiye’s exports to UK at record high

ISTANBUL

Türkiye’s exports to the UK reached $8.3 billion in January-August, the highest first eight-month performance of all time.

Turkish exports to the UK in the first eight months of the year rose 10.8% year-on-year, according to data from the Turkish Exporters Assembly compiled by Anadolu.

Automotive products accounted for the largest share and rose the highest among the exports to the UK, reaching $2.7 billion in January-August, registering a rise of $602 million, followed by electrical products, which were valued at $1.1 billion.

Among other exported items, clothing and apparel products reached $982.1 million and chemical products $578.2 million in the same period.

Also, machinery products and parts exported to the UK rose $31.4 million to $202.2 million, while steel exports increased to $427.3 million, up $147.6 million.

Meanwhile, furniture and forestry exports to the UK amounted to $286.5 million, an increase of $25.3 million, and jewelry exports rose $24.1 million to $68.3 million in the same period.

Overall, Türkiye’s total exports rose to $170.8 billion in the first eight months of the year, up 3.9% on an annual basis.

In January-August, most Turkish exports were received by Germany, valued at $12 billion, followed by the US with $8.8 billion, the UK with $8.3 billion, Italy with $7.6 billion, and Iraq with $6.8 billion.

Türkiye, UK aim to reach over $20B in bilateral trade volume in 2024

Türkiye and the UK are targeting to reach over $20 billion in bilateral trade volume this year, as the negotiations on updating the Free Trade Agreement between the two countries is underway.

The UK was among the countries Türkiye received the most investment from in the first six months of the year.

The Netherlands had the largest share of investment capital to Türkiye at 20% in January-August, followed by the US at 13%, Germany at 10%, Ireland at 9%, and Norway and the UK at 8%, each.

* Writing by Emir Yildirim.