- Trade with Turkey

Greek exports to Turkey triple since crisis

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Trade with TurkeyTurkey has become a major export market for crisis-hit Greece, whose exporters have tripled trade to growing Turkish markets since the start of Greek financial woes in 2008.

Greek exports to Turkey this year are expected to reach a value of $3.3 billion, while in 2008 that number was just $1.15 billion, said Economy Minister Zafer Çağlayan in comments to the press over the weekend. The minister also said that Turkish exports to Greece have dropped over the same period, from $2.4 billion in trade in 2008 to $1.3 billion -- almost 50 percent less -- in 2012. The crisis has seen major contractions in Greece's economy, which shrunk by 7.2 percent on an annual basis in the third quarter of this year. Greek imports include cotton, plastic and petroleum, while Turkish exports to Greece include machine parts, textiles, food and fishing equipment.

Trade between Greece and the Turkish Republic of Northern Cyprus (KKTC) has also grown since 2008, the economy minister said, claiming that imports have quadrupled to $1.2 billion while KKTC exports to Greece have remained steady at around $80 million annually.

Çağlayan also spoke of rapid growth in trade relations with Israel, which is expected to import $2.4 billion in Turkish goods this year, up from $1.5 billion in 2009. Turkish imports from Israel meanwhile grew from $1 billion to $1.7 billion over the same period. That growth comes despite the two powers' diplomatic falling out over Israel's attack on the Turkish aid ship Mavi Marmara in international waters in 2010, an attack that left eight Turks and one Turkish-American dead.

Original article from Today's Zaman