Economy, News

Turkey becomes EU's fifth-largest trade partner

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Tukey has become the fifth largest trade partner of the EU by increasing its trade volume with the union to 71.2 billion euros in the first half of the year.

According to the data derived from the European statistics institute’s (Eurostat) figures, Turkey imported 41 billion euros worth of goods from the EU and exported 30.2 billion euros worth of goods to the union in the first half of 2015. With this trade volume adding up to 71.2 billion euros, Turkey has become the fifth largest trade partner of the EU by outperforming Norway. The U.S. became the largest trade partner of the union with a trade volume of 308.6 billion within the same period and was followed by China, Switzerland and Russia with 251.4 billion euros, 125 billion euros and 107.1 euros of trade volume, respectively. 
The EU carried out the greatest number of exports of 184 billion euros to the U.S. between January 2015 and July 2015. Europe exported 84.4 billion euros, 74.1 billion euros and 35.4 billion euros worth of goods to China, Switzerland and Norway, respectively in the same period.

The EU carried out the greatest number of imports from China, which exported 167 billion euros worth of goods to the union in the first six months. The EU imported 124.6 billion euros, 71.7 billion euros, 50.9 billion euros and 38.7 billion euros worth of goods from the U.S., Russia, Switzerland and Norway respectively. Meanwhile, Turkey’s trade volume with the EU is increasing every year. It was 80.9 billion euros in 2009, 104.6 billion euros in 2010, 121.5 billion euros in 2011, 124 billion euros in 2012, 128.1 billion euros in 2013 and 128.8 billion euros in 2014.

Resource: Daily Sabah, August 18, 2015

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