Greek-Turkish Balance of Trade – Imports from Turkey up, Exports Down

Greek exports to Turkey recorded a 15.2% drop, from $988 million to $837.4 million, compared to the same period of 2023, in the first half of 2024, according to the Greek Embassy in Ankara, citing data published by Turkey’s Statistical Service.

While the Greek exports to Turkey were down, the balance of Greek imports from Turkey during the same period amounted to $2.31 billion, compared to $1.88 billion in the first half of 2023, showing an increase of 22.8%.

According to provisional data, the bilateral trade volume between Greece and Turkey in the first half of 2024 amounted to $3.15 billion, compared to $2.87 billion in the first half of 2023 (an increase of 9.7%).

In the first half of 2024, the trade deficit gap increases from $892 million in the first half of 2023 to $1.47 billion. Regarding bilateral trade volume, the Turkish statistical services do not provide detailed bilateral trade data by customs classification with Greece.

Regarding Turkey’s total exports of goods in the first half of 2024 in relation to other countries, they stood at $126.2 billion compared to $123.1 billion in the same period of 2023, marking an increase of 2.5%. The main export destinations for Turkish products were Germany, the US, the UK, Italy, and Iraq, which absorbed 30% of the total. Machinery & equipment, electrical machines, industrial goods, chemicals, and precious metals took the lion’s share in exported products.

During the same period, Turkey’s imports of goods in the first half of 2024 amounted to $168.8 billion, compared to $184.4 billion in the same period of 2023, marking a decrease of 15.6%. The most important suppliers were Russia, China, Germany, Italy, and the US, which accounted for 44% of the total imports. The main imported products were machinery and industrial equipment, mechanical devices and boilers, mineral fuels, chemicals, and ores. Turkey’s total trade volume in the first half of 2024 reached $295 billion, with the trade deficit standing at $42.6 billion.

Source: tovima.com