New figures from Turkey’s trade data reveal shifts in the bilateral flow with Russia during early 2024. The value of goods and services shipped from Turkey to Russia in February contracted by about one third, settling at 670 million dollars, down from 1 billion dollars in the same month of the previous year. The official data from the Republic Ministry of Commerce confirms this downward trend and highlights a broader pattern of year-over-year moderation in Russia-bound exports during the period.
Looking at the first two months of 2024, Turkey’s exports to the Russian Federation totaled approximately 1.29 billion dollars, compared with about 2.04 billion dollars in the January–February window of 2023. These numbers frame a notable slowdown in early 2024, though they still reflect Russia as a meaningful, albeit smaller, export destination for Turkish goods and services in the observed period. Analysts note that regional demand conditions, currency dynamics, and trade sanctions continue to influence bilateral trade volumes. (Source: Turkish Ministry of Commerce, trade statistics bulletin.)
Russia’s share of Turkey’s total exports has edged down to around 3.2 percent in February, underscoring changes in the export mix for Turkish producers. Among the leading buyers for Turkish goods, Germany purchased 1.72 billion dollars worth of Turkish exports in February, while the United States accounted for about 1.33 billion dollars. These two markets remained the dominant destinations for Turkish shipments during the month, outpacing Russia in value terms. (Source attribution: Turkish trade statistics release.)
On the import side, Russia’s role in Turkey’s imports reached 4.15 billion dollars in the latest full month, representing roughly 14.8 percent of Turkey’s total import value. This position places Russia as the single largest supplier to Turkey in that period, signaling a strong import reliance on Russian goods and materials. In the broader top three sources of Turkish imports for February, China reported 3.43 billion dollars and Germany 2.22 billion dollars, illustrating a diversified sourcing pattern that remains oriented toward energy, machinery, and manufactured components. (Source: Turkish Ministry of Commerce, import-facing data report.)
Market observers have noted a delay in payment processing between Russia and Turkey, with some reports indicating longer settlement times in recent weeks. This development comes amid ongoing adjustments in cross-border payment arrangements, as businesses navigate sanctions regimes, financial corridors, and currency volatility. While these frictions can affect the timing of settlements, trade volumes are still being maintained through existing channels as companies seek to preserve supply chains and meet contractual obligations. (Market observations from industry analysts; attribution: trade finance sector briefing.)
Previously, industry press had reported Ankara’s cautious stance on payment risk management in dealings with Moscow. The concern centered on reducing exposure to payment-related contingencies while sustaining bilateral trade flows. Some analysts argued that a more diversified payment framework could help stabilize transactions and minimize interruption risks, though policy considerations continue to influence commercial decisions. (Historical commentary from regional business coverage; attribution: market reporting on Turkey-Russia payments.)