03.01.2025 13:30
After Russia began its war with Ukraine, a noteworthy data point regarding Turkey emerged. Turkey's share in Russia's foreign trade experienced a rapid increase following the war. While China remained the leader in Russia's foreign trade, India ranked second and Turkey came in third. In the list from 2021, Turkey was in sixth place.
With the announcement of the 'special operation' by Russian President Vladimir Putin on February 24, 2022, the Russian army entered Ukrainian territory. Following the start of the war, Turkey's share in Russia's foreign trade saw a rapid increase. The Federal Customs Service of Russia (FCS) shared trade data for the period of January-October 2024.
TURKEY IN THE TOP 3
Among Russia's top 10 trading partners in 2024, China ranked first with a significant margin at 33.8%, India came second with 8.8%, and Turkey placed third with 8.3%. Belarus and Kazakhstan completed the top five with shares of 7.1% and 4%, respectively. Following this list were South Korea, Germany, Armenia, Italy, and Uzbekistan. According to the FCS, during this period, Russia's total trade volume reached 584 billion dollars.
TRADE VOLUME WITH TURKEY REACHED 48 BILLION DOLLARS
China's share of this total was approximately 197 billion dollars, while India achieved a trade volume of 51 billion dollars and Turkey reached 48 billion dollars.
FCS data shows that Turkey has surpassed India to rise to third place compared to 2023. However, the situation was quite different in 2021. At that time, China was the largest trading partner of Russia, followed by Germany in second place, while Turkey was sixth, and India did not even make it into the top 10.
ENERGY EXPORTS FORMED THE BASIS OF TRADE
According to the Russian Ministry of Economic Development, in 2024, trade with friendly countries exceeded 80% of the total trade volume. This rate was below 50% in 2021. Energy exports formed the basis of trade with India and Turkey, while imports from these countries remained at low levels.
RUSSIA FACED DIFFICULTIES IN FOREIGN TRADE PAYMENTS
The sanctions imposed by the US and the EU led to difficulties in foreign trade payments. In particular, the complexity of logistics processes and rising costs became a significant risk for companies. The Central Bank of Russia, in its report dated December 28, highlighted the impact of these sanctions on trade and stated that new measures were needed.