Trade between the UK and Turkey: 2024 overvıew
The UK’s exports to Turkey amounted to £9.2 billion in the third quarter of 2024. However, this marks an 8.0% decline, or a £798 million decrease, compared to the same period last year. A large part of the UK’s exports consists of goods, with mechanical power generators, cars, and metal ores being the top exports. Notably, car exports increased by 58.3%, demonstrating the UK’s strength in the automotive sector. However, exports of pharmaceutical and medical proproducts saw a 5.5% decline.
On the other hand, the UK’s imports from Turkey amounted to £16.9 billion in the third quarter of 2024. This represents a 7.9% increase, or £1.2 billion, compared to the same period last year. A significant portion of these imports consists of electrical machinery, textiles, and road vehicles. This increase highlights Turkey’s growing role as a key supplier to the UK, particularly in these sectors.
When we look at the trade balance, the UK’s trade deficit with Turkey reached £7.7 billion, compared to a £5.7 billion deficit in the same period last year. This reflects the negative impact of the increase in imports and the decline in exports on the trade balance. Specifically, the trade in goods resulted in a £5.9 billion deficit, while the services trade also showed a deficit of £1.8 billion.
Turkey ranks as the 17th largest trading partner of the UK, accounting for 1.5% of total UK trade. In terms of exports, Turkey ranks 22nd, and in terms of imports, it ranks 14th. This shows that while Turkey holds an important share in the UK’s trade, there is still potential for growth in the relationship.
In conclusion, while the trade relationship between the UK and Turkey has faced some challenges, the increase in Turkey’s exports to the UK and the rise in UK imports from Turkey indicate that the economic ties between the two countries are strengthening. It is expected that these relations will continue to grow and diversify in the coming years.
References:
1. UK Government, Turkey Trade and Investment Statistics. (31 January 2025). UK Trade with Turkey Factsheet.
2. Office for National Statistics (ONS). (2025). UK Trade by Commodity and Country, Q3 2024.
3. HMRC. (2025). Trade in Goods and Services: Analysis and Overview.
