Turkey-UK exports up 9% in January 2014

The latest figures from the Turkish Statistical Institute show an 8.6% increase in exports from Turkey in January 2014, with the UK among its main international business partners.

In January, Turkey exported some $12.5 billion worth of goods – equivalent to about £7.6 billion at current exchange rates.

That’s a seasonally adjusted 4.5% increase on the previous month, and an adjusted 8.5% growth rate year on year.

Within the EU, exports from Turkey were up 13.7% to over $5 billion, with EU member states accounting for 44% of Turkey’s exports in January 2014, up from 42.1% the previous year.

Germany buys most of Turkey’s exports, with orders up by a fifth over the past year, followed by Iraq.

The UK ranks third, and bought around $780 million of Turkish exports in January 2014.

Over 90% of Turkey’s exports are manufacturing-related, a figure that continues to grow, from 91.8% in January 2013, to 92.4% in January 2014.

Some 2.7% of exports are of high-tech goods, with a further 27.6% comprising medium to high-tech products – meaning roughly a third of Turkey’s exports are at least medium-tech, or above.

With Turkish manufacturing exports growing, and the UK a key overseas business partner, this is likely to remain an important supply channel for global sourcing of manufacturing components over the course of 2014.