Turkey is increasingly earning on exports to Russia. It was the only country that increased the supply of sanctioned goods.
In June, Turkey exported the most goods to Russia in 12 years. According to the UN trade base, the volume of exports in June amounted to 791 million US dollars and 1.5 times more than a year ago.
Turkey trades with Russia
Turkish suppliers mainly export fruits and nuts to Russia. In June, revenues from this sector amounted to 50 percent. more than a year earlier. However, new goods have appeared in Turkey’s trade with Russia, including car parts.
According to reports, Turkey is the only country that increased supplies to Russia after the attack on Ukraine. All of them, which have so far reported how much they sell to Russia, have recorded a decline. As a result, Turkey, which last year ranked 10th in terms of exports of goods to Russia, could jump to fourth place.
Turkey is struggling with the crisis
For Turkey, trade with Russia is a way out of its own economic crisis, the worst the country has experienced in decades. According to the latest data, inflation is almost 80 percent. Some goods, such as fruit, have become inaccessible to most citizens.
Within a year, the Turkish lira lost half of its value. The situation is not improved by the policy of the Turkish Central Bank, which, contrary to all logic, does not raise interest rates and keeps them at a very low level all the time. Therefore, Turkish entrepreneurs are looking for ways to trade abroad, including with Russia, whose market is very attractive to them.
So far, trade transactions between Turkey and the Russian Federation have been carried out in dollars. According to Bloomberg, this may soon change, and the US currency will be replaced by the Turkish lira.
Source: Wprost
