Russian imports to Turkey fell by $1.2 billion in October

Russian imports to Turkey in October 2022 fell by $1.2 billion compared to September. Despite this, Russia was still the leader in imports of products to Turkey, almost doubling China and Switzerland. From January to October, the amount of Russian imports amounted to $49 billion. This follows from data Turkish Institute of Statistics (Turkstat).

The basis of Russian imports to Turkey is energy. In October, its amount amounted to $4.9 billion, in September – $6.2 billion. According to Bloomberg, from December 1, Turkey will introduce an additional requirement for tankers carrying crude oil to pass through its straits. They will be required to have P&I insurance (a type of mutual insurance).

In second place in terms of imports to Turkey in October are China ($2.8 billion), Switzerland ($2.4 billion), Germany ($1.9 billion), and the United States ($1.2 billion). In terms of imports to Turkey for the period January-October, these countries lag behind Russia. China imported goods and resources to Turkey worth $34.6 billion, Germany – $19.3 billion.

At the end of the year, the trade turnover between Turkey and Russia is projected at $60 billion. This is almost twice as much as in 2021 ($33 billion). By words According to Turkish Ambassador Mehmet Samsar, trade between the two countries has already reached $30 billion in the first half of this year.

Anastasia Larina