Turkey’s exports to the United Kingdom increased by 12.2% in the first quarter of this year compared to the same period in 2021, reaching $3.57 billion (TL 52.33 billion).
The country’s overall exports rose by 20.8% in the first quarter of the year compared to the same period of the previous year and amounted to $60.2 billion, according to the Turkish Exporters Assembly (TIM).
In the first quarter of the year, the U.K. became the fourth country to which Turkey made the most foreign sales.
The U.K.’s share in Turkey’s exports reached 5.54% in the said period.
In the first three months of 2022, the countries with the highest exports were Germany, the United States and Italy, respectively.
The sector that made the most exports to the U.K. in this period was the automotive industry. The automotive industry’s exports to the U.K. increased by 7.3% in the first quarter compared to the same period last year, reaching $812.6 million.
The highest exports were made from Istanbul in the first three months. Istanbul was followed by northwestern Kocaeli, western Izmir and Denizli and Bursa, respectively.
Exports of companies from Istanbul to the U.K. accelerated by 18.6% in the January-March period and reached $1.23 billion.
Osman Okyay, head of the Foreign Economic Relations Board’s (DEIK) Turkey-U.K. Business Council, told Anadolu Agency (AA) that the U.K., as one of Turkey’s most important export markets, maintains its critical position in foreign trade.
“The export volume of $3 billion in the first quarter of 2022 is a strong indicator of the revival in the economies after the COVID-19 pandemic as well as Turkey’s increasing capabilities in production,” he said.
Okyay said they expect both Turkey and the U.K. to increase their economic activities and trade volumes with their open discourse and policies to improve commercial relations after Brexit.
“I believe that we will achieve many new successes in our bilateral commercial and economic relations, especially with the extension of the Free Trade Agreement (FTA), which was signed in December 2020 and which prevents the damage to the trade between the two countries after Brexit, to cover the services sector, digital and financial services and agriculture as soon as possible,” Okyay emphasized.
He stressed that as the Turkey-U.K. Business Council, they will continue to strengthen the commercial relations between the two countries and continue to work for Turkey while maintaining cooperation with all stakeholders “for the success of Turkish-British commercial relations.”
Turkey and the U.K., in a major milestone, signed a free trade agreement in 2020, which became effective after Britain formally left the European Union.
The landmark deal was dubbed Turkey’s most important trade deal since its 1995 Customs Union with the European Union.
London and Ankara meanwhile are said to have started negotiations on a more comprehensive trade pact.