As fallout of The Russo-Ukrainian War is spreading, and Turkey’s exports are spreading to both countries noticeably slipped in Post-conflict marchhit Shipments and sales of Some industries are all dry up.
Exports to Russia and Ukraine decreased by 55.3% per month.over-Month to $293.1 million (4.32 billion Turkish liras) in March, according to data collected from the Turkish Exporters Association (TIM), down From 655.5 million dollars in February.
March numbers showed the biggest impact so far of Russians invasion of TIM Ukraine head Ismail Gul.
However, Turkey’s exports managed to achieve an average highest March number ever, rising 19.8% to $22.7 billion, while imports rose 31% to $30.95 billion.
but it trade The deficit increased 76.7% year-over-year to $8.24 billion, mainly due to 156% rise in Energy import costs.
Russia invasion of Ukraine sent global Rising commodity prices threaten to derail Turkey new economic program Which aims to record a current Account surplus.
Turkey imports almost all of them of Its energy needs are a large portion of The basic Food items, such as wheat and corn, which have all seen their prices rise between 25% and 40% this year.
Sales to Russia fell by nearly 40%. year-over-year in The data showed that in March, 42.1% over the previous month amounted to $ 252.4 million.
Total exports amounted to $419.8 million in March 2021 and $435.87 million in February of this is year. shipments in The first quarter It was like this down 4% to nearly $1.1 billion, according to the data.
The drop in Sales to Ukraine were sharper, with exports down nearly 80%. in March on On an annual basis and 81% compared to the previous month, $41.7 million.
The trading volume was 207.5 million dollars in same month a year In the past, it amounted to $219.8 million in February of this is year.
exports in The first quarter It was 8.6% lower year-over-year The data showed a total value of $442.8 million.
“We haven’t seen much big Effect in February, but looking at March, there are 40% drop in “Exports to Russia drop by 80% to Ukraine,” Gul told Anadolu Agency (AA).
We hope that the peace negotiations will reach a certain point, and world trade and us trade I will continue with less impactful than this.
Turkey shares free borders with Ukraine and Russia in Black Sea and her good Relations with Both.
While Russia criticized offensiveAnkara is trying to balance its close relations and has positioned itself as neutral party trying to mediate.
Ankara has strong tourism and supplies of gas, grain and other agricultural products trade links with Russia as well as nuclear power project.
growing tourism, trade And the defense links with Ukraine also Importance for Turkey, which said it supports Ukraine’s territorial integrity.
Russian natural gas made up 45% of Turkey’s gas purchases last yearany hit a record level result of Drought and related rise in gas-driven power Produce.
Turkey also imports crude oil from Russia, with Annual amounts range from 10% to one-the third of imports of raw materials.
Turkey is very dependent on the two countries for Grain even though the Ministry of Agriculture said it does not expect a shortage of supplies due to invasion.
Russia accounted for for 56% of Turkish grain imports in 2021 with $2.24 billion, while imports from Ukraine amounted to $861 million.
In contrast to exports, Turkey’s imports from Russia rose rapidly in March as energy prices soar. Imports increased to $4.1 billion, compared to $2.54 billion in March 2021 and $3.86 billion in February of this is year.
This gave Russia first place in Turkey imports both in March and first quarterwhen total Purchases increased by 108% year-over-year To approximately $12.61 billion, according to the data.
approx half of Turkey worth 8.24 billion dollars trade gap in March has been registered in exchange with Russia. Gap with Russia has reached 3.86 billion dollars last month and $11.54 billion in The first quarter.
Many industries could not make any sales, in particular to Ukraine, in March, includes hazelnuts, carpets, dried fruits, water products, jewelry, tobacco, olive sector and olive oil.
Other sectors bearing exports to Ukraine, including chemical products, steel and iron, automobiles, machinery, spare parts, textiles and raw materials materialssaw their sales drop About 90% according to the data.
Chemical industry sales fell over 96% to just $2.25 million in March, down From more From 57 million dollars in same month a year since.
Although to a lesser extent compared to Ukraine, sales to Russia also Noteworthy opinion declineEspecially in Auto industry.
sales of fresh fruits and vegetables, for Of which Russia is among the largest markets, it fell 43.2% last month to $39.4 million, down From $69.35 million a year since.
Automotive industry, which owns highest share in Exports to Russia, saw its sales decline more from 68% to just $18.35 million compared to $57.7 million in March 2021.
losses in The data showed that industries such as garments, textiles, steel, cement and leather all topped 30%.
