It has been 3 years since the UK officially left the EU.
The people in this country went to the Brexit referendum on June 23, 2016, with politicians promising that “there are enormous opportunities outside the EU” and that leaving the Union would make Britain richer and freer. In the European Union (EU) referendum held in the region consisting of England, Wales, Northern Ireland and Scotland, the Brexit decision was taken with 52 percent of the votes against 48 percent.
Following the referendum, Brexit was postponed several times due to problems in the negotiations between the UK and the EU. At the end of the painful process for both sides, the UK officially left the EU, which it said goodbye to on January 31, 2020, on January 1, 2021, after an 11-month transition period.
After the separation, a new era began between the United Kingdom and many countries. Turkey also conducted intensive negotiations with this country during the transition period in order to prevent damage to bilateral business and trade. As a result of the negotiations between the two countries, the Turkey-United Kingdom Free Trade Agreement (FTA) was signed on December 29, 2020 and the agreement entered into force on April 20, 2021.
Turkey’s follow-up of the process and constant contact with the UK prevented trade between the two countries from taking a hit.
Trade between the two countries increased, not decreased
According to data from the Turkish Statistical Institute, in 2020, when Brexit actually took place but was characterized as a transitional process, a trade volume of 16 billion 289 million 882 thousand dollars was recorded between Turkey and the United Kingdom. This amount increased to 18 billion 675 million 840 thousand dollars in 2021. The total trade volume, which lost some momentum in the following years, when Covid-19 measures, the Russia-Ukraine War and other geopolitical risks were reflected in world trade, was 17 billion 979 million 255 thousand dollars in 2022 and 17 billion 670 million 420 thousand dollars in 2023.
Turkey has an export surplus in trade between the two countries. Turkey exported 10 billion 887 million 811 thousand dollars to the United Kingdom in 2020. This amount was recorded as 13 billion 298 million 674 thousand dollars in 2021, 12 billion 534 million 289 thousand dollars in 2022, and 11 billion 712 million dollars in 2023.
In the said period, imports from the United Kingdom amounted to an average of 5.5 billion dollars. Imports, which were 5 billion 402 million 72 thousand dollars in 2020, were 5 billion 377 million 167 thousand dollars in 2021, 5 billion 444 million 966 thousand dollars in 2022 and 5 billion 959 million 320 thousand dollars in 2023.
Automotive industry exported the most
Looking at the distribution of exports from Turkey last year by sectors, it was determined that the “automotive industry” made the highest exports with 3 billion 295 million 479 thousand dollars. This sector was followed by “electricity and electronics” with 1 billion 658 million 661 thousand dollars and “ready-to-wear and apparel” with 1 billion 537 million 722 thousand dollars. The sectors that increased their exports the most proportionally in this period were jewelry with 84.2 percent, ornamental plants and products with 46.3 percent, cereals, pulses, oil seeds and products with 44.2 percent.
