Turkish Exports To Russia Rise 30% In 2017
May 30, 2017
The continuation of Russia seeking non-EU suppliers in wake of the controversial EU sanctions has resulted in a boom time for many Asian and Oriental exporters as they seek to fill the void left by EU products being barred from Russia markets. The latest in a long line of eastern nations to benefit is Turkey, which has just announced a 30% increase in exports to Russia for the first four months of the year.
Turkish Exporters Assembly (TİM) Chairman Mehmet Büyükekşi, speaking at the “Turkish-Russian Federation and the Republic of Tatarstan’s Alabuga Special Economic Zone Business Forum, said that the recent normalization of ties between Turkey and Russia following various political frictions over Syria have given a momentum to Turkish exports, showing a large increase and promises of improving commercial relations. Imports of Russian goods into Turkey also increased by 15%.
Turkeys experience is one repeated across Asia as Russia moves its trade focus east following the three years of Western sanctions placed upon it. “The Wests loss is the Easts gain” says Chris Devonshire-Ellis of Dezan Shira & Associates “Whole swathes of industry and development are now being invested in by the Russian state to promote trade with Asia rather than the EU. This includes everything from agriculture to aviation. It is an opportune time for Asian based businesses to be looking to supply and buy from the Russian market.”