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Trade and economic relations between Turkey and the Russian Federation

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Trade and economic relations between Turkey and the Russian Federation

The high level of economic relations between Turkey and Russia has become the most important component of our bilateral multifaceted relations.

The volume of trade between our countries as of 8 months of 2021 exceeded $ 40 billion, which made Russia the second trading partner of Turkey after Germany.

Turkey's share in Russia's foreign trade has also reached a significant level. As of 2020, Turkey, with a share of about 5%, is the 4th exporting country of Russia. Russia's imports from Turkey are also increasing in the first 8 months of 2021. The maximum deliveries fell on July 2021, for more details see https://statimex.ru/statistic/all/oborot/202001-202112/TR/RU/

Russia now continues to be an important source of imports for the Turkish economy. Imports from Russia account for about 10% of total imports. When it comes to Turkey's imports from the Russian Federation, mineral fuels and oils are undoubtedly central to this trade.

The total value of projects implemented by Turkish contractors in Russia exceeded $ 20 billion, making Russia one of the most important markets for Turkish construction services.

At the same time, Russian companies are increasingly interested in investing in Turkey, especially in the telecommunications, energy and tourism sectors.

Tourism is another economic area in which our bilateral relations are developing at a very fast pace. If in 1999 the number of Russian tourists visiting our country was less than 500 thousand, then in 2021 this figure reached 1.55 million.Turkey has become the most preferred holiday destination for Russians. The number of Turkish tourists visiting Russia is also growing rapidly.

Any improvement in political relations between Russia and Turkey is expected to have a positive impact on the trade balance between Turkey and Russia.

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