Turkey ranks 5th largest trade partner of EU in 2016

World Bulletin / News Desk

 Turkey was the fifth largest trade partner of the European Union last year, according to data from the Union's statistical authority on Wednesday.

In 2016, Turkey's trade volume with the 28-member bloc was €145 billion ($156 billion), comprising 4.2 percent of the overall trade volume of the Union, Eurostat's report said.

Last year, Turkey's exports to the EU stood at €66.7 billion, up 8.3 percent from a year earlier, making it the fifth largest import market of the bloc with an approximate share of 4 percent in overall EU imports.

Turkey's imports from the Union, on the other hand, was €78.01 billion, down 13 percent or €990 million from 2015, placing Turkey as the fourth largest export destination of EU, with a 4.5 percent share in whole EU exports.

The U.S. topped the list of largest EU trading partners with a trade volume of €610 billion, or 17.7 percent of total EU trade in goods, while China came second with €515 billion, or a 14.9 percent share.

Switzerland and Russia occupy the third and fourth spots in terms of trade volume, with shares of 7.6 percent and 5.5 percent, respectively.

Legal Notice: Copyright, trade marks and other intellectual property rights in this website can not be reproduced without the prior permission.

Credit Suisse apparent target of massive tax fraud probe

French prosecutors confirmed that they too had opened a tax fraud investigation into undeclared Swiss bank accounts.

Asia markets slip but oil jump helps energy firms

Trading floors turned red at the start of the week as Donald Trump's failure to push through his healthcare reform fuelled worries about the prospects for his economy-boosting agenda.

IMF to consider Ukraine loan approval on April 3

"Consideration ... is being scheduled for April 3, 2017," Jerome Vacher, the IMF's representative in Ukraine, said in a statement. 

Turkey's Economic Confidence Index rises

Index sees increase of 5 percent from February, according to official data  

Turkey ranks 5th largest trade partner of EU in 2016

Turkey was fifth largest import market of the bloc, and its fourth largest export destination, EU official data shows

EU to block LSE-Deutsche Boerse merger: sources

The proposed tie-up also drew criticism from France, Belgium, Portugal and the Netherlands, fearful for the future of their own stock exchanges, owned by Euronext.

Toshiba's US atomic unit to file for bankruptcy

The firm is trying to spin off its prized memory chip business to raise cash, after earlier selling its medical devices unit and most of a home appliance business.

Oil producers meet on output cuts, possible rollover

Kuwait Oil Minister Essam al-Marzouk, who heads a joint ministerial committee tasked with overseeing compliance to the cuts, said conformity to the reductions could be improved.

Brexit sparks race to host European Banking Authority

The London headquarters of the European Union's financial regulator, in the Canary Wharf district, has 170 staff members from 27 of the 28 European Union nations.

Inflation fears take shine off German consumer morale

Market research firm GfK's forward-looking consumer confidence reading for April slipped to 9.8 points after 10.0 this month, slightly short of analysts' expectations, it said in a statement.

Most Asia markets see recovery after big losses

There is widespread belief the tycoon's health system proposals will fall foul of lawmakers with many of his Republican counterparts opposed to numerous parts of it and raising questions about the fate of promised infrastructure spending, tax cuts and deregulation.

Turkey's Borsa Istanbul up at opening

BIST 100 index opens 0.35 pct higher; US dollar/Turkish lira rate hovers around 3.61

Canada joins China-backed AIIB

The United States and Japan -- the world's largest and third-largest economies, respectively -- have notably declined to join the bank.

US stock market opens mixed

Oil prices continue their decline

European stocks open down after Wall Street sell-off

London's benchmark FTSE 100 index dropped 0.6 percent to 7,336.30 points compared with Tuesday's close.

British inflation surges to 2.3%

The 12-month inflation rate hit 2.3 percent last month compared with 1.8 percent in January, the Office for National Statistics (ONS) said in a statement.

Source: Turkey ranks 5th largest trade partner of EU in 2016