Exports to Russia see a 66 percent decline


Exports to Russia reduced 66 percent in January compared to the same month of 2015, from $316.5 million to $107.8 million, according to data announced by the Turkish Statistical Institute (TurkStat) in cooperation with the Customs and Trade Ministry.In the same period, imports from Russia shrank 29.5 percent, from $1.9 billion to $1.3 billion. According to data, the narrowing trade volume with Russia, which had begun from the previous year, continued after the military jet downing crisis experienced between Turkey and Russia, which began in November 2015, as well. In January 2012, exports to Russia were worth $427.7 million while it rose to $539.5 million but then dropped to $461.5 million in the same month of 2013 and 2014, respectively.Also, Russian imports in January were worth $2.2 billion, $2.2 billion and $2.4 billion in 2012, 2013 and 2014, respectively. Thus, Russia is no longer among the top 20 biggest buyers of Turkish goods while it has preserved its rank as second in terms of Turkey's biggest import partners.