Türkiye-EU trade turnover reaches $216 billion in 2024

The volume of trade between Türkiye and the European Union (EU) reached $216 billion in 2024, marking a 4 per cent increase compared to the previous year, according to Turkish Trade Minister Omer Bolat. 

Speaking in the Turkish parliament, Bolat also highlighted the ongoing efforts to renew the Customs Union between Türkiye and the EU, Caliber.Az reports, citing Turkish media.

He noted that negotiations are underway on several of Türkiye's key demands, including the removal of visa barriers, addressing issues related to transportation, and resolving discrepancies with free trade agreements.

Additionally, Bolat emphasized that Türkiye is actively engaged in sectors related to the EU’s green and digital transformation processes, signalling ongoing cooperation between the two sides in these critical areas.

To recall, in 2023, the EU-Türkiye bilateral trade increased significantly, reaching a record high of almost €206 billion. 

Last year, Türkiye became the EU's 5^th largest trade partner, representing 4.1% of the EU's total trade in goods with the world (compared to 3.3% in 2022). The EU's exports of goods to Türkiye totalled €111 billion in 2023. The EU's imports of goods from Türkiye amounted to €95.5 billion.

The EU stands as Türkiye’s largest goods import and export partner by a significant margin. In 2023, 41% of Türkiye’s exported goods were destined for the EU, while 29% of the country’s imported goods originated from the EU.

By Khagan Isayev