In June, deliveries increased by over 50% from the previous year.
According to data released on Friday by the Turkish Institute of Statistics, Turkish exports to Russia climbed in June as more industrial and equipment shipments were added to the country's usual exports of foods.
The research states that exports to Russia increased 46% year over year to $791 million last month, putting the nation well on its path to moving up to the fifth position as Russia's top supplier of commodities from tenth place in 2021. Moscow imported fewer goods from "unfriendly" nations as a result of Western sanctions relating to Ukraine, putting Turkey ahead of Italy, Poland, Japan, the Netherlands, France, and the US. In May, Kazakhstan, China, Belarus, and Germany were Russia's top four suppliers, and analysts believe they will continue to hold those positions in the foreseeable future.
In June, shipments of Turkish fruits to Russia, including peaches and cherries, increased significantly. Last month, Turkish suppliers shipped $168 million worth of fruits and nuts to Russia, which is twice as much as they supplied in May 2022 ($72 million) and an increase of 33% over June 2021's $138 million.
However, compared to earlier months, Russia also imported a lot more Turkish machinery, equipment, and electronic parts in June. Deliveries of machinery and equipment increased from $73 million in May to $102 million in June; deliveries of automobiles and parts increased from $25 to $34 million, and deliveries of plastic goods increased from $34 to $48 million. Electric machinery and equipment also increased from $28 to $32 million.
According to the UN trade database Comtrade, overall Turkish shipments to Russia were the largest in a single month since at least the start of 2010.
While shipments from Turkey were more concentrated in the US and EU for the first half of 2022, Russia only received 2.3 percent ($2.9 billion) of the country's total exports ($125.9 billion). However, during that time, Russia overtook other countries to become Turkey's top import source, accounting for $27.7 billion (16 percent of all imports). More than 60% of that amount came from oil and gas.
As the two nations consider converting to settling commerce in Turkey's currency, the lira, bilateral trade may expand in scope and volume. According to commentators, this would enable Moscow to use the currency to avoid using the US dollar and euro when making purchases from regional suppliers.