Türkiye sets record with $8.3B export surge to UK

Türkiye has achieved its highest-ever January-August export figure to the United Kingdom, reaching $8.3 billion.

According to data from the Turkish Exporters Assembly (TIM), Türkiye’s total exports rose by 3.9% year-on-year to $170.8 billion in the first eight months of the year.

Exports to the U.K. during this period grew by 10.8% compared to the same time in 2023.

The automotive industry led exports to the U.K. with $2.7 billion, followed by the electrical and electronics sector with $1.1 billion, ready-to-wear clothing with $982.1 million, chemicals and chemical products with $578.2 million and steel with $427.3 million.

The least demanded sectors included olives and olive oil ($6.7 million), ornamental plants and products ($8.7 million), ship and yacht services ($20.8 million), hazelnuts and products ($23.6 million) and fresh fruits and vegetables ($38.6 million).

In terms of export value growth, the automotive industry saw the highest increase in the U.K., with an additional $602.9 million in exports.

It was followed by steel ($147.6 million), machinery and parts ($31.4 million), furniture, paper and forestry products ($25.3 million) and jewelry ($24.1 million).

Regionally, Istanbul led with $3.1 billion in exports to the U.K., followed by Kocaeli with $1.6 billion, Bursa with $556.9 million, Sakarya with $510.3 million, and Izmir with $497.3 million.

Türkiye and the U.K. are working to increase trade volume, encourage investments and strengthen cooperation.

The target for 2024 is to surpass $20 billion in bilateral trade volume, with significant negotiations underway to update the Free Trade Agreement (FTA) between the two countries.

Additionally, the U.K. was among the top countries for investment capital into Türkiye in the first half of the year, with the Netherlands leading with a 20% share, followed by the U.S. with 13%, Germany with 10%, Ireland with 9% and Norway with 8%.