The United Kingdom and Turkey signed a free trade agreement that took effect on January 1 – the day that the UK formally departed the European Union. The deal will protect existing preferential tariff rates for both sides in a trade relationship exceeding $20 billion. The deal is particularly important for Turkey given its significant exports to the United Kingdom – its second largest export destination. All told, Turkey exported some $11.2 billion worth of goods to the UK.
Here are Turkey’s top 5 export destinations (2019), according to an examination of IMF figures
- Germany – $16.6 Billion
- United Kingdom – $11.2 Billion
- Iraq – $10.2 Billion
- Italy – $9.7 Billion
- United States – $8.9 Billion
As for the UK, Turkey is also an important export destination, though much lower in rankings of overall exports. The UK’s total exports of $6.41 billion to Turkey rank it in the top twenty, though far from the top five.
Here are the United Kingdom’s top 5 export destinations
- United States – $72.8 Billion
- Germany – $46.5 Billion
- France – $31.2 Billion
- Netherlands – $30.5 Billion
- China – $30.1 Billion
18. Turkey – $6.4 Billion