Imports from Russia to Turkey decreased by 43% in June
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Imports of Russian goods to Turkey fell sharply in June by 43% compared to June 2022 (in June 2022 it was $5.1 billion), amounting to $2.91 billion in dollar terms. Compared to May of this year, the indicator decreased by 36% (in May it was $4.57 billion). About it informs RBC with reference to the data of the Turkish Institute of Statistics (TurkStat).
The publication notes that the June figure has become the lowest since October 2021 – the “pre-sanctions” period. At the end of 2022, Russia ranked first in terms of supplies to Turkey, but in June the Russian Federation overtook China, follows from the data of the statistical office. In terms of share, Russia still holds the first place: 13.4% of Turkey’s total imports against 12% from China.
In the first six months of 2023, Turkey purchased $24.7 billion worth of goods from Russia, which is 10.8% less than in the same period in 2022 ($27.7 billion). In particular, deliveries of Russian mineral fuel (oil, oil products, coal, gas) decreased to $1.76 billion (by 20% compared to May). Energy carriers account for more than 60% of all imports from Russia to Turkey.
The Turkish agency does not disclose total oil imports in monetary terms and purchases of energy resources by country of origin. According to TurkStat, Turkey imported a total of 3 million tons of crude oil in June, up 22% from May.
In addition to mineral fuel, supplies to Turkey of Russian ferrous metals also decreased (by 38% compared to May, to $299 million), cereals, including grain, (by 2.1 times compared to May, to $240 million), aluminum (by 2 times , to $89 million) and copper (by 4.4 times, to $87 million).
From January to February 2023, Russia held a leading position in the export of goods to Turkey. According to TurkStat, the Russian Federation supplied $9.26 billion worth of goods and services to the republic, overtaking Switzerland ($7.86 billion) and China ($6.66 billion). In April, Russian President Vladimir Putin declaredthat Russia and Turkey agreed to deepen cooperation in the economy and trade, as well as stimulate the growth of trade.
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