Turkish Turnover with Turkmenistan Economy Jumps 16% in First Eight Months of 2024

Bilateral trade has increased by 16% amid new energy deals in the Caspian Sea

Russia-Ukraine War and sanctions drive economic growth in other regions of the world

Bilateral trade between Turkey and Turkmenistan has increased by 16% in the first eight months of 2024, reaching a total of $2.5 billion. The growth is largely due to increased exports of natural gas from Turkmenistan to Turkey, as well as increased imports of Turkish goods into Turkmenistan.

The increase in trade between the two countries has been driven by a number of factors, including the ongoing conflict in Ukraine and the subsequent sanctions on Russian energy. The sanctions have led to a sharp increase in global energy prices, which has benefited Turkmenistan as one of the world's largest natural gas producers.

In addition to the energy sector, trade between Turkey and Turkmenistan has also been boosted by increased cooperation in other areas, such as infrastructure and agriculture. Turkey has been a major investor in Turkmenistan's infrastructure development, and the two countries have also signed a number of agreements on agricultural cooperation.

The growth in trade between Turkey and Turkmenistan is expected to continue in the coming years. The two countries have set a goal of increasing bilateral trade to $5 billion by 2025. This growth will be supported by the continued development of the energy sector, as well as increased cooperation in other areas.

Key Takeaways

• Bilateral trade between Turkey and Turkmenistan has increased by 16% in the first eight months of 2024.
• The growth is largely due to increased exports of natural gas from Turkmenistan to Turkey, as well as increased imports of Turkish goods into Turkmenistan.
• The increase in trade between the two countries has been driven by a number of factors, including the ongoing conflict in Ukraine and the subsequent sanctions on Russian energy.
• The growth in trade between Turkey and Turkmenistan is expected to continue in the coming years.

Conclusion

The growth in trade between Turkey and Turkmenistan is a positive development for both countries. The increased economic cooperation will help to strengthen the relationship between the two countries and will contribute to the development of both economies.