Turkish exporters have seen a noteworthy surge in exports to the United Kingdom from January to March this year following the signing of a postBrexit free trade agreement (FTA). Exports to the UK rose by 12.7 percent to reach USD 2.7 billion, making it the country’s second-biggest market in the first quarter of the year, according to statistics from the Turkish Exporters Assembly (TIM).

Ankara and London inked the FTA in the last days of 2020 to support a trade partnership worth around USD 25 billion. The deal became effective from January 1, when the UK formally left the European Union. The current pact is expected to be expanded to include areas such as investments and services, according to a report in a Turkish newspaper.

 

The UK received over USD 1 billion worth of Turkish goods in March alone, the data showed, a 33.1 percent year-on-year surge, making it Turkey’s third biggest export market in the month after Germany and the United States.

 

Overall, Turkey’s sales from January through March have surged 17.3 percent year-on-year to over USD 50 billion, marking the highest first-quarter figure ever. Sales soared by 42.2 percent year-on-year in March alone to USD 18.98 billion, an all-time monthly high. Imports were up 25.8 percent to USD 23.68 billion.

 

The United States came in third with nearly USD 2.71 billion, a rise of USD 716.27 million from a year ago. Exports to Italy increased by USD 449.91 million to USD 2.5 billion, while those to France and Spain were up USD 451.93 million and USD 361.14 million to USD 2.13 billion and around USD 2 billion, respectively.

 

On the other hand, sales to Saudi Arabia all but dried up as exports plunged by 93 percent on an annual basis to USD 56 million, down from USD 810.6 million in the January-March period of 2020. Exports to Saudi Arabia in March plunged to just USD 19 million, the TIM data showed, collapsing 93.7 percent year-on-year from around USD 298.23 million a year ago.

 

Source: fibre2fashion.com