FTA Fruit
The trade volume between Korea and Turkey increased 35.2 percent in just one year since the implementation of the bilateral FTA in May 2013.
The Institute for International Trade of the Korea International Trade Association (KITA) published a related report on April 29 and announced that Korea’s exports to and imports from Turkey jumped 38.0 percent and 14.9 percent each from a year earlier to boost the overall bilateral trade volume by 35.2 percent. Korean products’ share in the Turkish market rose from 2.39 percent to 2.84 percent between 2012 and February 2014, as well.
According to the report, almost all of the main industrial sectors of Korea enjoyed the surge in exports, ranging from electrical and electronics to petrochemicals, machinery, auto parts, and textiles. In particular, the exports of petrochemical products skyrocketed 107.1 percent year-on-year thanks to the immediate elimination of the 6.5 percent tariff.
Those of the electrical and electronic industries soared 28.2 percent as well, thanks to the increased supply of TV components to local manufacturers. “Korean companies’ business in the Turkish market will be further expanded once the service investment agreement is signed between the two countries in the near future,” the KITA explained.