Despite pandemic, volume at Turkey’s 18 free trade zones last year rose to $22B, Trade Ministry data shows
Despite the COVID-19 pandemic, the trade volume at Turkey’s 18 free trade zones in 2020 rose 12% on an annual basis, according to the country’s Trade Ministry.
The trade volume in the zones topped $22 billion in 2020, versus $19.6 billion the previous year, data compiled by Anadolu Agency showed.
Half of the 18 free trade zones saw growth in trade, while the others saw declines.
The Specialized Free Zone in Istanbul, the country’s commercial capital, saw the greatest growth, with a fivefold climb, followed by the country’s northeastern Rize and southwestern Denizli provinces with increases of 100% and 53.48% respectively.
In terms of volume, the Aegean Free Zone topped the list with over $3.85 billion, followed by the Istanbul zone with $3.64 billion, and the free zone in the southern Mersin province with $2.52 billion.
Turkey’s free zones saw the highest trade with Organization for Economic Cooperation and Development (OECD) and EU countries,with $9.6 billion in total last year. Of this sum, $6.4 billion consisted of trade with EU countries, up 8.34% percent in 2020 compared to 2019.