Turkiye’s trade with the European Union (EU) has seen a remarkable rise of 59% over the past five years, highlighting the strong and growing economic ties between the two regions. In 2023, Turkiye’s bilateral trade with the EU reached €210.8 billion, significantly surpassing the €138 billion recorded before the COVID-19 pandemic. This growth trajectory comes after a temporary dip in 2020, when the trade volume fell to €132.6 billion due to the global pandemic’s economic impact.
Despite the challenges posed by the pandemic, trade between Turkiye and the EU rebounded quickly. By 2021, the trade volume had surged to €157.13 billion, followed by a further increase to €198.4 billion in 2022. These numbers demonstrate the resilience of Turkiye’s economy and its ability to adapt and thrive in the face of global disruptions.
The EU remains Turkiye’s largest trading partner, with Turkiye ranking as the EU’s fifth-largest partner overall. The strong performance of sectors such as textiles, machinery, and chemicals has been pivotal in driving this growth. Turkiye’s strategic location, competitive industries, and expanding domestic market continue to make it an important player in the EU’s trade network.
Looking forward, experts expect further growth in this partnership, as both Turkiye and the EU work to strengthen their economic cooperation, especially in areas like technology, sustainability, and innovation, which offer significant potential for future trade expansion.
