Turkey Remains the Fifth Largest Trade Partner of the European Union in 2024
The trade volume between Turkey and the European Union has increased by 59% over the past five years. Turkey, as in 2023, has maintained its position as the fifth largest trade partner of the Union in 2024 as well.
Statements by Donald Trump, the former President of the United States, regarding customs tariffs, caused Turkey to play a more prominent role in trade security for the European Union.
The European Union, seeking to find or strengthen new partners in economic and defense fields due to Trump's restrictive policies, increased its dialogue with countries such as Turkey, which are not members of the Union.
In an environment where geopolitical tensions and the rise of protectionist policies in global trade have created widespread uncertainty, Turkey’s role as a trade partner of the European Union has become increasingly significant.
The European Union conducted over 5 trillion euros in trade last year
According to Eurostat data, in 2020, during the COVID-19 pandemic, the European Union's imports from non-member countries fell to 1.71 trillion euros, and its exports to these countries declined to 1.93 trillion euros.
Thus, the EU’s foreign trade volume in 2020 reached 3.64 trillion euros.
With the fading effects of the pandemic on foreign trade, this figure rose to 5.57 trillion euros in 2022, but last year, due to the economic recession in the region, it decreased to 5.01 trillion euros.
The United States, the largest trade partner of the European Union
By the end of last year, the United States remained the largest trade partner of the European Union with a trade volume of 864 billion and 976 million euros.
China, as the world's largest exporter, ranked second, with its trade volume with the European Union reaching 731 billion and 153 million euros by the end of 2024.
Following them were the United Kingdom with 504 billion and 763 million euros and Switzerland with 329 billion and 850 million euros in the next ranks.
Turkey also ranked fifth with a trade volume of 210 billion and 783 million euros and managed to maintain its position as the fifth largest trade partner of the European Union, a position it had regained in 2023.
“The European Union still remains Turkey's largest trade partner.”
59% increase in Turkey-EU trade volume over the past 5 years
In recent years, Turkey has strengthened its relations with the European Union by holding various meetings such as the Joint Economic and Trade Committee (JETCO) as well as reciprocal visits with member states. Negotiations to update the Customs Union agreement have also accelerated, and these developments are reflected in trade statistics.
Before the COVID-19 pandemic, Turkey’s trade volume with the European Union was around 138 billion euros, but in 2020, it decreased to 132 billion and 595 million euros.
This figure then increased in the following years, reaching 157 billion and 129 million euros in 2021, 198 billion and 408 million euros in 2022, and 207 billion and 289 million euros in 2023.
Finally, Turkey’s trade volume with the European Union rose to 210 billion and 783 million euros last year. Thus, the trade volume between the two sides experienced 59% growth during the 2020-2024 period.
