Country Report Syria March 2011

Economic performance: Turkey gains increased share of Syria's market

Full-year trade figures for 2010 issued by Turkstat, the Turkish statistics agency, show that Turkish exporters have continued to expand their presence in the Syrian market, benefiting from the strong political relationship between the two governments and from the free-trade agreement, which was signed at the end of 2004. Turkish exports to Syria rose by 30% year on year in 2010 to US$1.85bn, making Syria the seventh-largest market for Turkish goods in the Middle East and North Africa (MENA) region, after Iraq, the UAE, Iran, Egypt, Saudi Arabia, Israel and Libya. In 2010 Turkish exports to the MENA region totalled US$27bn (of which the nine countries in the table below accounted for US$24bn). This was equivalent to almost one-quarter of Turkey's total exports of US$114bn last year. Turkish imports from the region were about US$20bn, out of a total of US$185bn (Turkey imported US$21.6bn from Russia, mainly oil and gas). Syrian exports to Turkey increased too, more than doubling between 2005 and 2010 from US$272m to US$662m.

Turkey's leading MENA trading partners
(US$ m)
 200820092010
Main destinations of exports
Iraq3,9175,1266,043
UAE7,9752,9003,340
Iran2,0292,0253,043
Egypt1,4262,6182,261
Saudi Arabia2,2021,7712,220
Israel1,9351,5292,084
Libya1,0741,8001,935
Syria1,1151,4251,849
Algeria1,6131,7821,507
Main origins of imports
Iran8,2003,4057,645
Saudi Arabia3,3221,6922,440
Algeria3,2622,0272,275
Israel1,4481,0691,359
Iraq1,3219521,354
Egypt943641926
UAE691668698
Syria639327662
Libya336402425
Source: Turkstat.

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© 2011 The Economist lntelligence Unit Ltd. All rights reserved
Whilst every effort has been taken to verify the accuracy of this information, The Economist lntelligence Unit Ltd. cannot accept any responsibility or liability for reliance by any person on this information
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