Turkey May Lose Trade Up to $3 Billion Under No-Deal Brexit

Published September 7th, 2019 - 01:00 GMT
Most affected sectors will be automotive by a trade loss worth up to $1.2 billion
Most affected sectors will be automotive by a trade loss worth up to $1.2 billion. (Shutterstock)
Highlights
The losses would stem from Britain hiking import tariffs after Brexit in sectors including steel, automotives and textiles.

Turkey may lose trade with Britain worth up to $3 billion in the event of a no-deal Brexit, Turkish Trade Minister Ruhsar Pekcan has warned. 


Pekcan, speaking at a Turkey-UK Business Forum in Istanbul, said the losses would stem from Britain hiking import tariffs after Brexit in sectors including steel, automotives and textiles.

“We expect that the most affected sectors will be automotive by a trade loss worth up to $1.2 billion, textile with $1.3 billion and electronic and white goods by $500 million,” Pekcan told the forum.

“Unfortunately, even though both the British side and us want to sign a free trade deal, we cannot do so because of our international commitments with the EU,” she added. 

In other economic news, the Turkish Statistical Institute said that Turkey’s glass exports in the first half of this year reached 534 million dollars, an eight percent increase from the same period in 2018.

According to the Institute, Turkey exported glass to 164 countries, with Italy being a top importer at 45.4 million dollars, followed by Germany (43.6 million dollars) and Israel at 26.8 million dollars.


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