Dunya - As one of the world’s fastest growing economies Turkey’s trade is forecasted to grow 109 percent by 2025, more than the world trade average of 73 percent, HSBC’s recently released “Trade Connections” report shows.
Bridging the large continental markets of Europe, Central Asia and the Middle East, Turkey’s ever growing importance as a vital trade route and center of commerce will increase its trade volume with existing partners such as Russia and China considerably, the report states. Turkish-Russian trade will increase by 123 percent and Turkish-Chinese trade by 125 percent in the said period, taking the volume of exchanged goods to USD 541.3 billion by 2025, up from its 2010 level of USD 266.1 billion.
The study points to Turkey’s advantageous location in global commerce, able to trade with more than one large-scale partner. Turkey’s current trade volume with its largest trade partner Russia stands at USD 26.4 billion, forecasted to reach USD 58.9 billion by 2025. Trade with China is also set to rise at an average annual rate of 9.6 percent, while trade with India, another emerging economy, will see a 7.09 percent increase according to HSBC’s forecast.