Russia-Türkiye trade soaring

The volume of commerce has doubled in the first nine months of 2022 on an annual basis, a deputy minister has said

Economic cooperation between Russia and Türkiye has been on the rise this year, Deputy Economic Development Minister Vladimir Ilyichev revealed on Friday. Trade turnover amounted to $47 billion between January and September, he said.

The ministry expects the figure for the entire year to reach $60 billion, noting that it could be even higher, given the dynamics of the first nine months.

“Cargo turnover in the Azov-Black Sea basin, according to our estimates… can reach 250 million tons a year,” Ilyichev also said during his speech at the Made in Russia forum.

According to the Federal Customs Service, between January and September 2021, Russia’s trade with Türkiye amounted to $23.3 billion. For all of 2021, the figure was $33 billion.

The main growth in exports to Türkiye, according to Ilyichev, related to energy products, however, there was also an increase in non-primary, non-energy exports, including certain types of metal products.

Two months ago, Türkiye and Russia signed a roadmap for economic cooperation that envisages bringing bilateral trade turnover to $100 billion a year. The two nations have also agreed to introduce the Russian ruble as a currency for bilateral trade, including for Russian natural gas supplies.

At a meeting with Turkish leader Recep Tayyip Erdogan in August, Russian President Vladimir Putin noted that trade volumes between Moscow and Ankara were expanding, soaring by nearly 60% last year and doubling in the first five months of 2022.

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