Turkey has become Russia's second-largest trading partner, says minister
Russian Economic Development Minister Maxim Reshetnikov said on Friday that Turkey is Russia's second-largest trading partner, ahead of India and behind China.
According to Interfax, Turkey was Russia's second-largest trading partner in 2022, but fell to third place behind China and India in 2023 and 2024.
Reshetnikov also noted that trade is shifting towards countries Moscow calls its ‘friends,’ which account for more than 83 per cent of Russia's foreign trade.
These statements were made in Vladivostok at the 10th Eastern Economic Forum, held on the campus of Far Eastern Federal University from 3 to 6 September under the theme ‘Far East: Cooperation for Peace and Prosperity’. The organisers stated that participants came from 75 countries and regions. According to official and forum materials, Russia-Turkey trade reached $52.6 billion in 2024, which is approximately 7% lower than in 2023. Turkey's exports to Russia amounted to $8.56 billion, while imports from Russia were approximately $44 billion, with the balance strongly in Russia's favour. Bilateral trade reached $28 billion in the first half of 2024. Reshetnikov listed machinery, chemicals and food among Turkey's main exports to Russia.
Ankara and Moscow announced their goal of increasing trade to $100 billion in the coming years, a target reiterated in forum communications. Analysts point to the relationship's deep energy component and the risk that closer economic ties with Russia could complicate Turkey's relations with the US and the European Union.
The forum also serves as a platform for agreements.
The year 2024 ended with 313 agreements worth approximately 5.57 trillion roubles (68 billion dollars), 27 of which were with foreign organisations. The 2025 forum ended with 353 agreements worth approximately 6.051 trillion roubles, exceeding last year's total.
Source: Turkish Minute
Russian Economic Development Minister Maxim Reshetnikov said on Friday that Turkey is Russia's second-largest trading partner, ahead of India and behind China.
According to Interfax, Turkey was Russia's second-largest trading partner in 2022, but fell to third place behind China and India in 2023 and 2024.
Reshetnikov also noted that trade is shifting towards countries Moscow calls its ‘friends,’ which account for more than 83 per cent of Russia's foreign trade.
These statements were made in Vladivostok at the 10th Eastern Economic Forum, held on the campus of Far Eastern Federal University from 3 to 6 September under the theme ‘Far East: Cooperation for Peace and Prosperity’. The organisers stated that participants came from 75 countries and regions. According to official and forum materials, Russia-Turkey trade reached $52.6 billion in 2024, which is approximately 7% lower than in 2023. Turkey's exports to Russia amounted to $8.56 billion, while imports from Russia were approximately $44 billion, with the balance strongly in Russia's favour. Bilateral trade reached $28 billion in the first half of 2024. Reshetnikov listed machinery, chemicals and food among Turkey's main exports to Russia.
Ankara and Moscow announced their goal of increasing trade to $100 billion in the coming years, a target reiterated in forum communications. Analysts point to the relationship's deep energy component and the risk that closer economic ties with Russia could complicate Turkey's relations with the US and the European Union.
The forum also serves as a platform for agreements.
The year 2024 ended with 313 agreements worth approximately 5.57 trillion roubles (68 billion dollars), 27 of which were with foreign organisations. The 2025 forum ended with 353 agreements worth approximately 6.051 trillion roubles, exceeding last year's total.
Source: Turkish Minute