Turkey-Turkmenistan trade up 16% in first eight months of 2024

Bilateral trade between Turkey and Turkmenistan increased by 16% to $1.5 billion in the first eight months of 2024, according to data from the Turkish Statistical Institute (TurkStat).

The increase was driven by a surge in Turkish exports to Turkmenistan, which rose by 20% to $1.1 billion. Key exports included machinery, vehicles, and construction materials.

Turkmenistan's exports to Turkey also increased, but at a slower pace. They rose by 10% to $400 million, with natural gas accounting for the bulk of the exports.

The growth in trade between the two countries reflects the close economic ties between them. Turkey is one of Turkmenistan's largest trading partners, and Turkmenistan is a key supplier of natural gas to Turkey.

The two countries have been working to further strengthen their economic cooperation in recent years. In 2021, they signed a number of agreements to boost trade and investment.

Outlook

The outlook for trade between Turkey and Turkmenistan is positive. The two countries are expected to continue to increase their bilateral trade in the coming years.

One factor that could drive growth is the development of new gas fields in Turkmenistan. This could lead to increased exports of natural gas to Turkey.

Another factor that could boost trade is the implementation of the Lapis Lazuli Corridor, a transport and trade route that connects Afghanistan, Turkmenistan, Azerbaijan, Georgia, and Turkey. The corridor is expected to facilitate trade between the countries along its route.