The EU-Turkey Customs Union has significantly boosted bilateral trade, achieving a record high of nearly €206 billion in 2023. This impressive figure underscores the success of the union in fostering economic ties between the European Union and Turkey.
Turkey, the EU’s fifth-largest trade partner
In 2023, Turkey emerged as the EU’s fifth-largest trade partner, accounting for 4.1% of the EU’s total trade in goods with the world, an increase from 3.3% in 2022. The EU’s exports of goods to Turkey reached €111 billion, while imports from Turkey amounted to €95.5 billion. Key sectors driving this trade include motor vehicles, machinery, and electrical equipment on both sides.
Turkey’s reliance on the EU as a trade partner is substantial. In 2023, 41% of Turkey’s exported goods were destined for the EU, and 29% of the country’s imported goods originated from the EU, highlighting the EU's dominance in Turkey's trade landscape.
The trade in services between the EU and Turkey has also seen significant growth. In 2022, total trade in services amounted to €35 billion, up from €24.2 billion in 2021. This trade represented 1.4% of the EU’s total trade in services globally. The primary services imported by the EU from Turkey are transport and travel services, while the EU’s main exports to Turkey include transport and information and communication technology (ICT) services.
Overall, the EU-Turkey Customs Union continues to play a vital role in enhancing economic cooperation and mutual growth between the two regions, with both goods and services trade reaching new heights.
The European Investment Bank
The European Investment Bank (EIB) has played a pivotal role in supporting various critical sectors of the Turkish economy through its loan programs. These sectors include research and development, industry, and climate action, all of which are essential for Turkey's modernisation and sustained economic growth.
EIB loans have significantly bolstered Turkey's research and development efforts, enabling advancements in technology and innovation. By funding cutting-edge projects and facilitating collaboration between academic institutions and industry leaders, the EIB has helped Turkey enhance its competitive edge in the global market. This support has led to the development of new products, processes, and services, driving economic diversification and creating high-value jobs.
Overall, the European Investment Bank's financial assistance has been vital in fostering growth and development across several key sectors of the Turkish economy. By investing in research and development, industry, and climate action, the EIB is contributing to Turkey's modernisation and long-term economic prosperity.
Since 1965, the European Investment Bank (EIB) has been a cornerstone of financial support for Turkey, providing a substantial €31 billion in financing. Over the decades, the EIB has implemented nearly 300 projects, underscoring its commitment to enhancing the bilateral trade volume between Europe and Turkey.
The EIB's investments have spanned various sectors, focusing on projects that drive economic development, infrastructure improvements, and modernisation efforts. This financial support has been crucial in facilitating Turkey's economic growth and integration into the global market.
European countries invest over $150 billion in Turkey
In addition to the EIB's contributions, European countries have invested over $150 billion in Turkey, highlighting the strong economic ties between the two regions. These investments have fuelled growth across numerous sectors, from industry and technology to services and agriculture. Conversely, Turkey has also been an active investor in Europe, with Turkish investments exceeding $40 billion.
Tourism stands out as a key area of cooperation and economic exchange. The vibrant tourism sector benefits significantly from the close ties between Turkey and European countries, promoting cultural exchange and economic activity. The influx of European tourists to Turkey and the increasing number of Turkish visitors to Europe exemplify the thriving bilateral relations in this sector.
Overall, the European Investment Bank's long-standing financial support, combined with substantial mutual investments, has solidified the economic partnership between Europe and Turkey. This enduring relationship continues to evolve, promoting economic growth, development, and cooperation across various sectors.
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