ANKARA (Realist English). Turkey’s exports to the United Kingdom increased by 12.2% in the first quarter of this year compared to the same period in 2021, reaching $3.57 billion.
The country’s overall exports rose by 20.8% in the first quarter of the year compared to the same period of the previous year and amounted to $60.2 billion, according to the Turkish Exporters Assembly (TIM).
In the first quarter of the year, the U.K. became the fourth country to which Turkey made the most foreign sales. The U.K.’s share in Turkey’s exports reached 5.54% in the said period. In the first three months of 2022, the countries with the highest exports were Germany, the United States and Italy, respectively.
Turkey and the UK signed the Free Trade Agreement (FTA) in December 2020 after the UK officially left the European Union.
Turkish President Recep Tayyip Erdoğan called the agreement “the most important agreement” since Turkey signed a trade agreement with the European Union in 1995. The document extends the current rules of trade between the two countries, which imply the absence of customs control. These conditions are particularly beneficial for the British automotive and steel industries.