Posted by meb at April 24th, 2007

Widely criticized for damaging Turkey’s economic interests, Turkey’s customs union with the European Union has finally started to bear fruit for Turkey.
 Turkey’s exports to the EU are increasing, largely thanks to low tariffs and an absence of trade barriers, while its imports from European sellers have decreased considerably.In the last 10 years the share of EU countries in Turkey’s exports has grown from 49.7 percent to 51.6 percent. Similarly, its imports from EU countries in total imports have retreated from 53 percent to 39.3 percent.

According to data provided by the Undersecretariat of Foreign Trade, Turkey sent $11.5 billion of its total $23.2 billion in exports to Europe in 1996. In 2006 Turkey’s exports rose to $85.1 billion while as much as $43.9 billion was earned from European countries. Turkey’s imports were $43.6 billion in 1996 and it was paying $23.1 billion to European countries. After 10 years, Turkey is paying $137 billion, and $53.8 billion is going European suppliers. Consumer goods lead the list among Turkey’s exports to Europe, whereas most of its imports are intermediate goods.

source: Today’s Zaman

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