(October 5, 2022)
Turkey again breaks records in terms of trade with Russia.
Turkey set a new record for exports to Russia in August, delivering $949 million worth of goods to Russia, according to official statistics released just now in Russia. This is twice as much as in August 2021 ($451 million) and 27% more than in the previous month of July ($729 million).
Russia came in fifth place among the largest destinations for Turkish exports, overtaking Italy. Turkey delivers more goods in monetary terms only to Germany, the USA, Iraq and the UK. And the latter is already close – $ 1.1 billion in August. Last year, Russia ranked only 12th on this list.
Some time ago, I already wrote a post about the fact that Turkey can become the new doors from Europe to Russia (who has not read the link here). Now I can confidently say that Turkey has definitely become such trade doors to Russia.
As an expert, I must draw your attention, dear colleagues, that through Turkey to Russia, mainly foreign companies supply – All EU countries (especially Germany), as well as more than 5,000 companies from the United States. Who changed their legal addresses from Russia to Turkish and moved their businesses.
As a result, there is almost nothing left of the bans and imbargoes imposed on Russia. All sanctioned European goods, food, drinks, quietly continue to enter the Russian market through Turkey.
And at the same time, I need to draw your attention to the fact that now many goods and food in Russia have become 10-40% cheaper, thanks to such a “Turkish” scheme.
Conclusion: if you are involved in business in Europe, you want to expand your sales to the Russian market, but you are afraid of falling under sanctions. That is your best option, just work with Russian buyers through Turkey. This is now one of the two most simple, understandable and safe options. Which will work without problems until July 18, 2023, when there will be elections for the President of Turkey. But I think that few people doubt that Mr. Erdogan will not take this position again ….. So the “Turkish scheme” will continue to work perfectly
Business Adviser on Food Markets
of Russia, CIS and Caucasus