Türkiye-Spain trade volume increases 10-fold to $19.2B

Türkiye’s trade volume with Spain has skyrocketed from approximately $2 billion before 2002 to a remarkable $19.2 billion last year.

The upcoming third term meeting of the Türkiye-Spain Joint Economic and Trade Committee, scheduled for Nov. 8 in Ankara, will serve as a platform to further discuss and enhance bilateral trade cooperation. Trade Minister Omer Bolat will co-chair the meeting.

Following Spain’s formal recognition of the State of Palestine, a new era is beginning in relations between Türkiye and Spain, with efforts underway to further tighten economic ties.

Turkish and Spanish delegations are set to convene in Ankara for the upcoming Joint Economic and Trade Committee meeting. In anticipation of this event, the business community has already begun mobilizing. Business organizations are actively encouraging companies to submit any pressing trade-related concerns or issues they may have with Spain. These submissions will be carefully collected and forwarded to the Ministry of Trade for review and action.

‘Win-win’ approach

On June 12, President Recep Tayyip Erdogan visited Spain for the eighth Türkiye-Spain Intergovernmental Summit. During his two-day visit to Madrid, Erdogan held various meetings and, in his speech at the Türkiye-Spain Business Forum, expressed his desire to further develop economic and trade relations with a ‘win-win’ approach.

Trade volume increases 10-fold

Last year, Türkiye’s exports to Spain were $9.8 billion, and imports were $9.4 billion. Thus, the bilateral trade volume, which was around $2 billion before 2002, has increased approximately tenfold to $19.2 billion. The trade volume between the two countries is expected to exceed $20 billion soon.

Currently, Türkiye’s main export products include textiles, iron, and petroleum oils, while imported products include automobiles, road vehicle parts, helicopters, copper, and copper alloys.