Turkey Becomes EU’s 5th Largest Trading Partner

Over the last 5 years, Turkey’s trade volume with the European Union has increased by 59%. In 2024, Turkey continued to maintain its position as the EU’s 5th largest trading partner. President Donald Trump’s tariff rhetoric highlighted Turkey’s role in the security of the European Union (EU). In response to Trump’s approach towards Europe, the EU has been seeking new partners in both economic and defense realms, revitalizing dialogue with countries like Turkey that are not EU members. Amid rising protectionist tendencies in trade policies and geopolitical tensions causing significant global uncertainties, Turkey’s position as one of the EU’s trading partners has become more prominent in recent years. According to data from Eurostat, in 2020, the EU’s imports from non-member countries amounted to €1.715 trillion and exports reached €1.932 trillion, making the EU’s total external trade volume in 2020 amount to €3.647 trillion. Due to the pandemic’s impact on trade diminishing, the EU’s external trade volume is projected to reach €5.577 trillion by 2022, down from €5.018 trillion in the previous year. The US remained the EU’s largest trading partner at the end of last year, with a trade volume of €864.976 billion. China, the world’s largest exporter, ranked second in external trade volume with the EU. The trade volume between China and the EU reached €731.153 billion by the end of 2024. Following these countries were the UK with €504.763 billion and Switzerland with €329.850 billion. Turkey secured the 5th position with €210.783 billion. Turkey maintained its position as the EU’s 5th largest trading partner in 2024 with the same trade volume. The EU, on the other hand, is Turkey’s main trading partner. Turkey has strengthened its relations with EU member countries through the Joint Economic and Trade Committee (JETCO) meetings and various reciprocal visits while accelerating negotiations to update the Customs Union within the scope of trade diplomacy activities. These efforts have reflected in the external trade figures. Before the Covid-19 pandemic, Turkey’s trade volume with the EU was around €138 billion, decreasing to €132.595 billion in 2020. The trade volume saw a steady increase in the following years, reaching €157.129 billion in 2021, €198.408 billion in 2022, and €207.289 billion in 2023. Last year, the trade volume reached €210.783 billion. Overall, from 2020 to 2024, the external trade volume between Turkey and the EU increased by 59%.