The Republic of Turkey is one of Ukraine's important and traditional trading partners in the region. According to the results of 2022, Turkey ranks 3rd among the countries of the world in terms of Ukrainian exports and 4th in terms of trade with Ukraine (1st among the countries of the Middle East region).
On 3 February 2022, during the Tenth Meeting of the High-Level Strategic Council between Ukraine and the Republic of Turkey chaired by President of Ukraine Volodymyr Zelenskyy and President of the Republic of Turkey Recep Tayyip Erdogan (Kyiv), the Parties signed a Free Trade Agreement between the Government of Ukraine and the Government of the Republic of Turkey. The Agreement creates additional opportunities for the development of trade relations through preferential conditions for access to the markets of goods. The provisions of the Agreement are in line with WTO standards and the obligations of the parties to this international organisation, and ensure the deepening of economic cooperation, in particular the liberalisation of the markets for goods and services.
Trade:
Russia's full-scale war against Ukraine has made adjustments to the development of economic relations between Ukraine and the world, in particular with the Republic of Turkey. In view of this, starting from 2022 and until the end of the martial law regime, the State Statistics Service of Ukraine does not publish statistical information on foreign trade in goods by geographical structure (Order of the State Statistics Service of Ukraine No. 449 dated 30.12.2022).
An analysis of statistics for 2021 shows that the volume of trade between Ukraine and Turkey was USD 7.40 billion. (↑52.5% compared to 2020), exports - USD 4.14 billion, imports - USD 3.26 billion. Exports amounted to USD 4.14 billion (↑70.0%), imports - USD 3.26 billion (↑34.8%). (↑34.8%). The main commodity items: exports - ferrous metals (47.7%), cereals (22.2%), ores, slag, ash (5.9%); imports - nuclear reactors, boilers, machinery (9.8%), ferrous metals (7.3%), mineral fuels; oil and its distillation products (7.3%). Ukraine's surplus for this period amounted to USD 882.37 million. The surplus for ukraine was usd 882.37 million.
Trade in services:
The volume of trade in services in 2021 increased by 93.6% compared to the same period in 2020 and amounted to USD 1.14 billion. The volume of trade in services increased by 93.6% compared to the same period in 2020 and amounted to usd 1.14 billion. Exports of Ukrainian services to Turkey increased by 26.5% to USD 184.63 million. Imports of services from Turkey to Ukraine increased by 2.2 times and totalled USD 952.19 million. The balance of trade in services remained at USD 952.19 million. The balance of trade in services remained negative for ukraine at USD 767.57 million. The balance of trade in services remained negative for ukraine at USD 767.57 million.
Investment cooperation:
According to the National Bank of Ukraine, as of 31.12.2022, the Republic of Turkey invested USD 476.3 million in the Ukrainian economy (equity instruments and debt instruments, balances by country). Equity instruments (balances by country) amounted to USD 146.8 million, which is 0.4% of total direct investment in Ukraine.