Brexit's Impact on our Export is Limited

Turkish Exporters Assembly (TIM) Chairman Mehmet Büyükekşi commented on England's decision to leave the EU. “In 2015, we made 44.5 percent of our exports to EU countries. In the same period, England left Behind Iraq and became the second country we export to with 10.6 billion dollars. Our total trade volume with England, which has an important place in our exports, in 2015 is 16 billion dollars. We, as exporters, wanted England to stay in EU. But we respect the decision of the peoples of England”, he said.

Büyükekşi noted that Turkey got less than 2% share from England's total imports and said “Separation of England from EU officially will take some time. According to our research as TIM, we think that Brexit will have limited impact on our exports in the short term. As a result of England leaving the EU and England being removed from the Customs Union, the customs wall may rise again between England and Turkey. This will certainly adversely affect our bilateral trade at the first glance. However, we foresee that England will be left in the Customs Union or a STA will be enacted between England and EU in the separation negotiations. There is a period of two years before us, within this time frame the negotiations between England and EU will determine how Turkey will be affected by the process. As TIM, we are of the opinion that there will not be a significant impact on our trade with England”.