Turkey has been experiencing difficult times with its exports to Russia which has declined by 14.6 percent, dropping to $6.57 billion in 2014 compared to $7.96 billion in 2013 due to the decrease in the value of the ruble.
According to the records of the Turkish Exporters’ Assembly (TÄ°M), Turkey’s total exports rose to $157.62 billion with an increase of 4 percent in 2014. Unlike the increasing export rates in 2014, big losses occurred in the Russian market, having a large impact on all sectors, as Russia is one of the top export markets for Turkey.
Almost every sector in Turkey was negatively affected by the decrease in the ruble, and their exports to Russia drastically decreased. The textile sector’s loss is estimated at around 24.92 percent. The exports of the textile sector to Russia which had increased to $1.16 billion in 2013, dropped to nearly $763 million in 2014. Export of leather products nosedived by 24.52 percent, thereby reaching $410 million.
Exports of ready-made clothing to Russia, which had increased to $413 million in 2013, dropped to nearly $351 million in 2014, a decrease of 15.02 percent.
Russia ranked fourth after Germany, Iraq and England among the countries Turkey exported to in 2013, it fell three steps behind in 2014, thereby ranking seventh after Germany, Iraq and England, Italy, France and the U.S.
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