Türkiye’s shipments to one of many largest locations of its exports, the United Kingdom, rose roughly 15% within the first two months of the 12 months when in comparison with the identical interval a 12 months in the past, information sourced by Anadolu Agency (AA) from Turkish Exporters Assembly (TIM) confirmed on Friday.
According to the final commerce system information, evaluated by AA, within the January-February interval, the nation’s exports surged by 8.5% in comparison with the 12 months earlier, reaching $41.1 billion.
The United Kingdom was the fourth nation the place Türkiye made essentially the most exports within the first two months, totaling $1.95 billion, up 15.2% year-over-year. The share of this nation in Türkiye’s general exports was thus realized as 5.47%.
The prime markets of Turkish exports within the related interval had been listed as Germany, the U.S., Italy and the U.Okay., respectively.
In this era, the sector that took the lion’s share in exports to Britain was the automotive trade with shipments value $694.5 million, the info confirmed. The sector’s exports surged by 37.1%.
Moreover, many of the exports to the United Kingdom on this interval had been constituted of Istanbul with $693.5 million, adopted by the neighboring provinces of Kocaeli, Bursa, Sakarya and western Izmir province.
‘Entry into 2024 fairly promising’
TIM Chairperson Mustafa Gültepe, chatting with AA, mentioned that the United Kingdom continued to be an vital marketplace for Turkish exports.
Reiterating that it stood at fourth place amongst Türkiye’s most vital export companions final 12 months, Gültepe mentioned, “The increasing trend continues in 2024. Last year, we exported $12.43 billion to the United Kingdom.”
Recalling what he mentioned was the perfect January-February interval normally exports in historical past for the primary two months of the 12 months, he mentioned: “Our entry into 2024 is also quite promising. In this period, a significant rise was experienced in our exports to the United Kingdom. Our export figures are close to reaching $2 billion, which corresponds to a 15% increase compared to the same period of the previous year.”
Turkish exports registered an all-time excessive of $255.8 billion final 12 months, rising 0.6% year-over-year whereas authorities targets this determine to increase additional to $267 billion this 12 months.
Furthermore, Gültepe additionally famous the excessive improve charge in exports to the U.Okay. confirmed that exporters grew within the respective market and gained aggressive energy.
Pointing out that greater than 5,500 corporations exported to the United Kingdom, he mentioned, “This success is due to both the product quality and variety of our companies and the strengthening of commercial relations with the United Kingdom.”
“Sector-based, automotive, electricity-electronics and ready-to-wear sectors are leading in exports to the United Kingdom in the first two months of the year,” he famous.
“In this period, we recorded significant increases, especially in the automotive, steel and textile sectors,” he added.
Stating that the optimistic developments within the United Kingdom market proceed to strengthen Türkiye’s place in worldwide commerce, Gültepe mentioned: “The successes of our exporters are also a sign of future collaborations and growth opportunities. The continuation of this momentum and the deepening of commercial relations with the United Kingdom will play a critical role in increasing Türkiye’s competitive power in the global market.”
Türkiye and the United Kingdom inked a protocol for the Joint Economic and Trade Committee (JETCO) and a memorandum of understanding (MoU) aimed toward fostering collaboration with third international locations earlier this 12 months.
In 2023, the bilateral commerce quantity between the 2 international locations reached almost $19 billion. Key exports from Türkiye to the U.Okay. embrace gold, textiles and ready-made clothes merchandise, electrical and non-electrical equipment, motor autos and their elements, iron and metal merchandise, insulated wires, cables, and different electrical conductors.
Source: www.dailysabah.com