Turkey’s foreign trade with Euro reached 1 trillion dollars in about 5 years

The Euro, which is used as the official currency of 20 of the 27 European Union (EU) member countries, came into force “dematerialized” on January 1, 1999.

This currency, which was put into circulation in daily life after a three-year transition period, was launched as banknotes and coins on January 1, 2002 and began to be used in daily transactions.

Euro is currently used by Germany, Austria, Belgium, Estonia, Finland, France, Netherlands, Ireland, Spain, Italy, Greek Cypriot Administration of Southern Cyprus (GCASC), Latvia, Lithuania, Luxembourg, Malta, Portugal, Slovakia, Slovenia, Greece and Croatia. As of today, 26 years have passed.

Turkey attaches special importance to trade with other currencies in addition to the Turkish lira, and the increase in its trade with other currencies, especially the dollar and Euro, over the years has attracted attention.

Trade volume with Euro was 221.7 billion dollars last year

According to Turkish Statistical Institute (TUIK) data, in 2020, when the Covid-19 epidemic was effective, the country’s exports in Euros were recorded as 80.8 billion dollars and imports were recorded as 68.8 billion dollars. The trade volume with Euro in the said year was calculated as 149.6 billion dollars.

Exports in Euro increased to 103.7 billion dollars and imports to 78.8 billion dollars in 2021, and the trade volume in the said currency during this period was 182.5 billion dollars.

While Türkiye achieved 113.7 billion dollars of exports in Euros in 2022, the import amount increased to 88.1 billion dollars. Thus, the trade volume with this currency in the mentioned period reached 201.8 billion dollars.

Trade in Euro accelerated in 2023. With this currency, 117.8 billion dollars of exports and 103.9 billion dollars of imports were made in the said period. The country’s trade volume with Euro increased to 221.7 billion dollars in 2023.

Total trade with Euro approached 1 trillion dollars in the last 5 years

Exports in euros will be 112.2 billion dollars and imports will be 94.6 billion dollars in the 11 months of 2024. In the same period, trade volume was recorded as 206.8 billion dollars.

Thus, Turkey’s exports in Euro amounted to 528.2 billion dollars in approximately 5 years, and its imports amounted to 434.1 billion dollars. During this period, the total trade volume with Euro reached 962.3 billion dollars.